On Monday, February 10, 2025, the Central African Republic launched its memecoin with the ticker $CAR and in less than 48 hours, it has become one of the hottest and most talked about meme coins in the crypto market.
Meme coins are cryptocurrency tokens that draw inspiration from online trends or memes.
The launch came at a time when bears controlled the global crypto market, and major coins, including Bitcoin, Ethereum and XRP, were bleeding. For the past several days, Bitcoin has traded below the $100k mark, currently at $96,311, down 0.81% in the past day, according to Coinmarketcap data. XRP and Ethereum traded at $2.4 and $2650, respectively.
What you should know about $CAR
Below are a few of the points you should know about the memecoin.
Surprise launch
Many crypto enthusiasts were surprised to learn about $CAR’s launch. The Central African Republic was among the countries least expected to foray into the murky waters of cryptocurrencies. However, nearly three years ago, it became the first in Africa and the second globally, after El Salvador, to adopt Bitcoin as legal tender.
Experts, however, say the country was buoyed by the success of $TRUMP, the memecoin launched by the current president of the United States, and the belief El Salvador has had in Bitcoin for many years. After launch, $TRUMP spiked briefly to a market value of more than $14.5 billion before plummeting.
Launched to spur national development
Before the launch, the country’s President, Faustin-Archange Touadera, posted on X, formerly Twitter, saying the coin would be launched to help unite the country and spur national development.
“Today, we are launching $CAR—an experiment designed to show how something as simple as a meme can unite people, support national development, and put the Central African Republic on the world stage in a unique way,” the post read. “As the second president in the world to adopt Bitcoin as legal tender, I have always recognized the potential of crypto and its benefits on a global scale.”
Website and X went offline after launch
$CAR’s website went down shortly after it was launched, and the X account linked to it was suspended. Hours passed without a resolution, despite the president's subsequent post stating that his team was "working with X" to restore the suspended account.
Instead, a new website and X page were launched by his account, raising more questions about the project's legitimacy.
“Today, I stand before you once again with a message of gratitude. The launch of $CAR has been a success! I want to personally thank each and every one of you, our community, our supporters, and those who believe in our vision. We are building for the long term!, the president posted on X.
“We’re pleased to let you know that our new @X account, @CARMemecoinNews and domain, http://carmemecoin.com are now live,” the president posted.
Suspected scam
Despite the successful launch, many suspected the coin to be a scam. Some of the pointers are the suspension of the X account and the website going offline after a few hours, as well as the inability of the launchers to bring them back but launch new ones.
This suspicion elicited reactions online. “Shame on the Central African Republic, wrote @JAPAOBlockchain. “Africa already faces a lot of prejudice and challenges on the global stage. Instead of strengthening the economy and inspiring confidence, the leader of the Central African Republic allows his team to manipulate the market and harm investors. This is not just a moral failure – it’s a blow to the country’s credibility and to those who believe in blockchain’s potential to transform emerging economies.”
At the time of writing, the price of $CAR has crashed by 50.95% in the past day to $0.03100, while the market capitalization has also plummeted by 50.89% to $29.52 million, according to Coinmarketcap data.
Telegram selects Toncoin as only crypto, blockchain network for app services
Meanwhile, TheRadar earlier reported that The popular messaging app Telegram has announced that henceforth, The Open Network (TON–Toncoin) will become the only blockchain infrastructure for its Mini App ecosystem.
According to a statement Telegram released on January 21, 2025, Telegram and the TON Foundation have reached an exclusive deal, which will see Toncoin become the only accepted crypto for Telegram’s app services. According to the release, Telegram will continue to accept Toncoin for non-fiat payments in exchange for assets and services offered by Telegram.
