Central African Republic Leader launches experiments with meme coins

Central African Republic President Fauston Archange Tuadera has launched Meme Coin to raise the profile of the country, one of the poorest people in the world.

Memecoins are used to build the popularity of virus internet trends and movements, and fans are inspired to collect and give them value, but they are very unstable investments.

Touadéra announced the launch known as $CAR on his X account over the weekend, and said it was a “success” on Monday. However, according to specialized websites, the value of the coin had a significant price drop of up to 90%.

In 2022, cars became the second largest country in the world after El Salvador, adopting cryptocurrency Bitcoin as its fiat currency.

That initiative – launched under the name Coral – doesn’t seem to have succeeded as planned, and its website no longer works.

Bitcoin was seen as an easy way to attract investors to the country’s mining and other industries. The country has abundant mineral deposits, including gold and diamonds.

Foreign investors could also obtain citizenship with a code worth $60,000, but the plan was later deemed unconstitutional by the country’s topcoat.

Touadéra said this week’s launch of Meme-Coin is an “experiment” of something that “can unite people, support national development, and puts (the country) on the world stage in a unique way.” I’ve explained it.

However, some expressed fear that it could have been a scam.

On Monday, Toudella thanked those who believed in his vision.

He shared a high school video and said Memecoin was rapidly getting worse by saying it supported its “reconstruction and furniture” and “giving students a better future opportunity.”

Despite this possibility, cars continue to be one of the poorest countries. This is a complicated situation due to civil wars that have devastated much of the country.

Memecoin has often been criticized for its speculative nature of users creating or purchasing in the hopes of increasing value and making money quickly, but many people end up losing money to them It will become.

Just before his inauguration last month, US President Donald Trump stood his own meme coin, which reportedly rose in value and reportedly raised billions of dollars for him. I’ve raised it. The New York Times reports that it is now worth a quarter of its highest.