The Central African Republic (CAR) has officially launched its own meme coin, named $CAR, as part of its continued push into digital assets.

This follows CAR’s 2022 adoption of Bitcoin as legal tender, positioning the country as one of the first in the world to embrace national cryptocurrency initiatives.

Despite its wealth in gold and diamond reserves, CAR remains economically underdeveloped and has faced decades of rebel violence and political instability.

President Faustin-Archange Touadera announced the $CAR launch on X, describing it as “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 coin is intended to aid national development and increase CAR’s global visibility, following a trend of viral meme coins like the $Trump token.

The initial market response has been turbulent.

CoinGecko reported that $CAR dropped 64% within 24 hours, falling from $0.22 to $0.1353, despite a 105% increase in trading volume to $780 million.

The price struggled to hold key Fibonacci support levels, indicating strong bearish pressure.

The initiative also faced setbacks beyond market performance.

AI-based deepfake detectors flagged the President’s announcement video as suspicious, and the $CAR X account for official updates was temporarily suspended, although President Touadera promised efforts to restore it.

Experts have cautioned investors about the high risks of meme coins. Nigel Green, CEO of deVere Group, warned that such coins are extremely volatile, often driven by viral trends, and have limited practical utility.

He described investing in meme coins as closer to gambling than traditional investing, advising that individuals focus on diversified, long-term financial planning rather than FOMO-driven speculation.

The launch of $CAR highlights CAR’s commitment to exploring cryptocurrency as a tool for economic growth and international recognition, following its precedent-setting Bitcoin adoption.