CAR Memecoin Rockets to $1B: Central African Republic’s Bold Crypto Gamble

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Central African Republic, a country popularly known for its attempted adoption of Bitcoin (BTC) as a legal tender akin to El Salvador, launched a Solana-based memecoin dubbed Central African Republic Meme (CAR). The CAR memecoin attracted huge attention from crypto traders, scaling to a market cap of nearly $1 billion and a 24-hour average traded volume of over $703 million.

According to the on-chain data analysis provided by Geckotaminal, the CAR memecoin, with a pooled SOL liquidity of over 7,531 coins, had more than 35k on-chain holders. Earlier snipers of the CAR memecoin registered more than 180k percent gains.

Central African Republic and Crypto Assets

The Central African Republic (CAR) made headlines in April 2022 after it announced the adoption of Bitcoin as a legal tender, thus joining El Salvador. The move, however, faced immense challenges as the country’s political and infrastructure remain dilapidated.

The country also attempted to launch a crypto initiative dubbed Sango Coin, which failed to take off. With the skepticism and pushback from the Bank of Central African States (BEAC) and the International Monetary Fund (IMF), the country’s bid to tap into Bitcoin went down the river.

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Advantage Taken

Following the successful launch of the CAR token, the official X account of Felix Tshisekedi, the President of the Democratic Republic of Congo, hyped a memecoin launch. However, more than five Solana contracts were launched by Tshisekedi’s X account, leading to huge losses to the early investors.

As it has been observed with several other celebrity X accounts, it is thought that Tshisekedi’s X account was potentially intentionally compromised to advertise the memecoin.