Central African Republic Launches $CAR Memecoin to Boost Economy

The Central African Republic (CAR) has launched a meme coin, $CAR, as part of President Faustin-Archange Touadéra's initiative to elevate the country's global profile, following its previous adoption of Bitcoin as legal tender. The $CAR token is described as an experiment to demonstrate how a meme can unite people and support national development, despite CAR's ongoing struggles with poverty and conflict. The coin debuted on the Solana-based platform Pump.fun and reached a valuation of $527 million shortly after its launch, although it has since experienced significant fluctuations in value. However, the project's credibility is questioned after a dedicated updates account for $CAR was suspended on X, and allegations of a deepfake video related to the announcement emerged. The launch reflects the administration's strong pro-crypto stance, with previous initiatives like Sango Coin aimed at financial inclusion. As of the latest reports, the $CAR token was trading at around $0.22.