Central African Republic Launches Solana Memecoin Managed by State-Owned Firm
The Central African Republic (CAR) launched a Solana memecoin, announced by President Faustin-Archange Touadéra. This follows CAR's earlier adoption of bitcoin as legal tender in 2022.
- CAR token reached a market capitalization of over $800 million, nearly one-third of the nation's 2023 GDP of $2.76 billion.
- The token's value quickly dropped to approximately $50 million.
- 45% of CAR's supply is designated for country development and charity.
- 25% of the supply is allocated to "Creators & Company," linked to state-owned COMIGEM.
- Jupiter, a Solana DEX aggregator, confirmed it is in touch with the token's team.
- President Touadéra announced a allocation of $50,000 worth of CAR tokens for school repairs within 30 days.
- Following the president's announcement, the token's market cap briefly increased by $200 million before declining again.