On Monday, February 10, the Central African Republic officially launched a new cryptocurrency: a memecoin named "$CAR".
A memecoin is a cryptocurrency that thrives on popular enthusiasm surrounding a public figure or a viral internet trend. It is often seen as a purely speculative asset. While it technically falls under the category of cryptocurrencies, it is inspired by internet memes or jokes and is generally created for entertainment rather than serious financial use. Unlike cryptocurrencies such as Bitcoin or Ethereum, which have clear technological and economic objectives, memecoins rely mainly on their viral appeal on social media.
Regarding $CAR, its launch was announced by Central African President Faustin-Archange Touadéra on his X account shortly after midnight on Monday. On this occasion, he recalled that the Central African Republic had been the second country to adopt Bitcoin as legal tender in 2022, following El Salvador.
"I am proud to announce the launch of the official memecoin of the Central African Republic," he declared in a video speech in French, accompanied by an English message. A few hours later, he praised its "resounding success."
However, as the day progressed, the $CAR token saw a nearly 90% drop in value, according to cryptocurrency specialist sites. Some critics labeled it a "scam," while others warned of phishing attempts.
"The project's infrastructure raises questions. The official domain, 'car mem', was registered via Namecheap, a low-cost domain provider typically used by individuals or independent developers, but rarely by government institutions," reported the website BeinCrypto.
To dispel suspicions, Central African Minister of Mines, Rufin Benam Beltoungou, issued a statement shortly after the launch, clarifying that $CAR was "a project of the Ministry of Mines and Geology, executed by the Mining Exchange in collaboration with the company Barn$ley."
