In today’s edition of sentences I never expected to write: The Central African Republic launched a Solana memecoin over the weekend, announced by President Faustin-Archange Touadéra on X.
President Touadéra has long been a crypto fan, following El Salvador’s lead in adopting bitcoin as legal tender in 2022. According to DEX Screener, the CAR token’s market cap peaked over $800,000,000. This could be a much more profitable venture for the government. This is nearly one-third of 2023’s GDP, which stands at $2.76 billion.
As always with memecoins however, CAR has quickly fallen and is currently worth $50 million.
It’s easy to compare CAR to Donald Trump’s inaugural eve memecoin. But unlike TRUMP and his memecoin, CAR has a stated purpose. CAR is allocated 45% for the purpose of promoting cryptocurrency. “country development” The following are some examples of how to get started: “charity,” According to the official website, CAR tokens have been locked up on the Solana Token Distribution Platform Streamflow. The CAR Tokens are now locked on the Solana distribution platform Streamflow.
COMIGEM manages the CAR memecoin website and its services, in accordance with their terms and conditions. COMIGEM, a Central African Republic state-owned mining office, manages the CAR memecoin website and services. The CAR reserves 25% of its supply for “Creators & Company,” Which would probably refer to the COMIGEM. Requests for comment were not returned by an email linked to CAR.
Jupiter, Solana DEX’s aggregator was able verify its contact with the Token team and requested that the contract on the blockchain be uncancelable.
This afternoon, Touadéra posted a video of a high school in the country that is “deteriorating rapidly” The school will receive $50,000 in CAR tokens within 30 days.
In a video posted to X earlier today, Touadéra celebrated the memecoin launch “success” Cast the Central African Republic in the best possible light “forefront” The a “revolution” Blockchain is a powerful tool.
After the token was elected president, its market cap jumped by about $200 million before rapidly dipping back to where it traded before.
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