- CAR meme coin aims to unite people and support national development.
- A trader turned $5,000 into $12 million in three hours.
- Concerns arise as 84% of the supply is held by the top 10 wallets.
The President of the Central African Republic (CAR), Faustin-Archange Touadéra, has announced a new crypto project. His party has launched a meme coin called CAR on the Solana network. The project aims to show how meme coins can unite people and support national development.
CAR Meme Coin Follows a Growing Trend
Touadéra’s move follows a similar action by the former U.S. President Donald Trump. Trump recently launched the TRUMP meme coin, attracting global attention. However, it remains unclear whether CAR is a government-backed project or a personal initiative.
Touadéra has maintained his backing for cryptocurrency adoption as a governance solution throughout his administration. He became the second world leader to establish Bitcoin as an official legal tender. His administration also launched Sango Coin in previous years.
CAR Coin’s Early Trading Success
Touadéra’s announcement quickly fueled market speculation. Traders rushed to buy and sell the CAR token, leading to massive profits. Lookonchain reported that one trader turned $5,000 into $12 million in just three hours.
The trader bought 46.57 million CAR tokens immediately after the contract address was published. He then sold half of his holdings for a massive return. This rapid gain highlights the volatile nature of meme coin investments.
President Touadéra’s Vision for CAR Coin
Touadéra described the project as an experiment with global significance. He believes that meme coins can promote national identity and global recognition. He stated that today we launch CAR, an experiment to show how a meme can put our country on the world stage.
The Central African Republic has faced economic challenges for years. The introduction of blockchain-based projects may help attract investments. Crypto adoption could also encourage financial inclusion and innovation.
CAR Coin’s Tokenomics and Security Concerns
Despite the excitement, concerns have emerged over the project’s security. SarumAI Agent, an AI-based platform, reported a low security score of 16.76%. It also revealed that the top 10 holders control 84% of the total supply.
CAR’s official tokenomics reveal a structured distribution plan. The country will receive 35% of the total supply, or 350 million tokens, for national development. Meanwhile, 25% is allocated to creators and companies, and 20.7% will provide liquidity.
