The Central African Republic (CAR), a country once in the spotlight for trying to make Bitcoin (BTC) legal tender, has now taken a surprising turn in the crypto world. It has launched a Solana-based memecoin called Central African Republic Meme (CAR) – and the response has been nothing short of explosive.
The token’s market cap surged to nearly $1 billion, with a 24-hour trading volume of over $703 million – an impressive rise in a short time.
How did all of this happen? Let’s dive in to the story.
CAR Memecoin’s Explosive Growth
According to the on-chain data analysis provided by Geckotaminal, the CAR memecoin, with a pooled SOL liquidity of over 7,531 coins, had more than 35k on-chain holders. Earlier investors of the CAR memecoin registered more than 180k percent gains.
CAR’s Crypto Journey
In April 2022, CAR made headlines when it became the second country after El Salvador to adopt Bitcoin as legal tender. However, the move faced serious challenges due to political instability, economic struggles, and poor infrastructure.
The country later tried to launch Sango Coin, a government-backed cryptocurrency. However, the project failed after pushback from the Bank of Central African States (BEAC) and the International Monetary Fund (IMF), both of which opposed CAR’s crypto ambitions.
Crypto Scam Concerns
After the CAR memecoin’s success, an unexpected event occurred. The official X (formerly Twitter) account of Felix Tshisekedi, the President of the Democratic Republic of Congo (DRC), appeared to promote a new memecoin launch.
However, confusion arose when more than five different Solana contracts were deployed under his name, leading to losses for early investors.
Similar incidents have happened before, where celebrity X accounts were hacked to promote crypto scams. Many believe that Tshisekedi’s account was deliberately compromised to push a fraudulent memecoin.
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