The Central African Republic (CAR) has launched its meme coin, $CAR, in a bold move to boost its global presence and support national development. President Faustin-Archange Touadéra announced the project on X, positioning it as a unifying tool for the country. But with meme coins being notoriously volatile, many are questioning whether this gamble will pay off or backfire.
Despite being rich in gold and diamond reserves, CAR remains one of the world’s poorest nations, struggling with economic instability and armed conflict. This isn’t the country’s first dive into crypto—back in 2022, it became one of the few nations to make Bitcoin legal tender. Now, with $CAR, it’s doubling down on digital assets.
A Rough Start for $CAR
So far, $CAR’s market performance hasn’t been promising. The token has plunged by 64% in the last 24 hours, falling from $0.22 to $0.1353, according to CoinGecko. On the flip side, trading volume has surged by 105% to $780 million, suggesting that while investors are skeptical, they are at least paying attention. However, technical indicators show that $CAR is struggling to maintain key support levels, raising concerns about further declines.
Adding to the drama, AI deepfake detectors flagged the President’s announcement video as suspicious. Then, the official X account for $CAR was suspended, further fuelling doubts about the coin’s legitimacy. Despite these setbacks, CAR’s government remains committed to pushing forward with its crypto ambitions.
The Meme Coin Trend in Africa
CAR isn’t the only African nation experimenting with meme coins. Just last week, reports surfaced about Tanzania considering launching its own. It appears that some governments are hoping to replicate Dogecoin’s unexpected success. But meme coins often start as hype-driven projects and can fizzle out just as quickly, leaving investors at risk.
Nigel Green, CEO of deVere Group, has warned that investing in meme coins is “more gambling than investing” and that many buyers could face losses. Still, the lure of quick profits keeps drawing people in. The question remains: will $CAR actually help CAR’s struggling economy, or is it just another speculative gamble waiting to crash?
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