The Central African Republic (CAR) has caused a stir in the cryptocurrency world by launching a memecoin named after the country's abbreviation - CAR. This information was announced by President Faustin-Archange Touadéra in the early hours of February 10, 2025, on social media X.
Memecoin to promote the country's image?
President Touadéra stated that this is an experiment to connect people, promote the country's development, and enhance blockchain acceptance. #CAR was released on the pump.fun platform on the Solana blockchain, with a total supply of 1 billion tokens.
The token distribution of CAR is quite special:
35% allocated for the national development fund
10% used for charitable activities
25% for the project team
20.7% for liquidity
9.3% for initial community sale
Despite government support, the project remains controversial due to several irregularities such as its midnight launch, a locked website, and a locked X account, raising questions about transparency.
CAR is booming, but will it be sustainable?
Despite many concerns raised, #memecoin CAR quickly reached a market capitalization of 900 million USD within just a few hours. In fact, if CAR rises to 2.5 USD/token, its market cap will equal the country's GDP in 2023 (2.55 billion USD).
Many people managed to buy CAR early and became millionaires in the blink of an eye. This is not the first time CAR has experimented with cryptocurrency - previously, this country recognized Bitcoin as legal tender in 2022 but later retracted the decision.
If CAR is indeed the official memecoin of this nation, it will be the third political memecoin after $TRUMP and MELANIA from former US President Donald Trump. However, whether this is a bold move or just a financial game remains a big question! #anhbacong