Over the weekend, the Central African Republic (CAR) made history. The country launched its own memecoin, CAR, on the Solana blockchain, branding it as a unifying experiment for national development. However, instead of putting the nation in a positive light, the launch only reinforced skepticism.
From the start, the rollout seemed designed for international speculators rather than CAR’s own citizens. The announcement came via an English-language tweet at midnight local time—right in the middle of the U.S. Super Bowl. Within hours, the coin skyrocketed to a market cap of $900 million before plummeting 90% on its first day, eventually losing 95% of its value by Tuesday.
Technical issues further undermined the token’s credibility. The official website failed to load securely, and later disappeared entirely. Meanwhile, an AI risk assessment found that 84% of the coin’s supply was controlled by just 10 holders, raising suspicions of a pump-and-dump scheme.
This isn’t the first time CAR has fumbled a crypto initiative. The country previously claimed to adopt Bitcoin as legal tender but failed to provide infrastructure like ATMs or payment terminals before quietly abandoning the effort. The CAR memecoin debacle is just the latest chapter in its pattern of empty crypto promises.
Source: https://protos.com/central-african-republics-95-memecoin-crash-is-a-repeat-performance/