The Central African Republic (CAR) took a bold step into the digital currency space with the launch of a new memecoin, $CAR, as stated on the official social media account of President Faustin-Archange Touadéra.

The initiative is presented as an experiment to explore the potential of a meme to unite people, support national development, and elevate the country's global profile.

The memecoin, which is touted as "the official meme of the Central African Republic," is currently trading on the Solana launchpad pump.fun at approximately $0.45. As of Sunday evening, the market capitalization of the memecoin reached about $374.4 million.

A promotional video featuring President Touadéra was also released on social media, emphasizing the nation's belief in the strength of community. Despite this, the dedicated social media account for daily updates on the memecoin has been suspended, with President Touadéra's account indicating efforts are underway to restore it.

The launch of $CAR has been met with skepticism from some in the cryptocurrency community. Notably, a user from the community, Skynet Insights, warned against purchasing the memecoin, claiming that over 80% of the total supply was pre-bundled and alleging that more than $15 million had already been cashed out by the project's controllers, who still retain around 70% of the total supply.

Concerns were further raised by Yokai Ryujin, founder of Unrevealed XYZ, who pointed out red flags such as the memecoin's website being registered on a discount domain service and the launch occurring at an odd hour. Ryujin's subsequent post revealed that the domain for the memecoin's website had been suspended by the registrar.

The Central African Republic has previously made waves in the crypto world by becoming the second country after El Salvador to declare bitcoin as legal tender in 2022 and later launching its national cryptocurrency, Sango Coin. However, in a turn of events, the country's parliament repealed the legislation that made bitcoin legal tender earlier in 2023, according to Central Banking.

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