The Central African Republic (CAR), known for adopting Bitcoin (BTC) as legal tender, has made headlines again by launching its own meme coin—the Central African Republic Meme (CAR) Token. Built on Solana, this new cryptocurrency quickly captured investors’ attention, reaching a staggering $1 billion market cap within a short time. In just 24 hours, its average trading volume surpassed $703 million.
CAR Meme Coin’s Explosive Debut
According to on-chain data from Geckoterminal, CAR token’s liquidity pool on Solana held over 7,531 SOL, and more than 35,000 wallets were recorded holding the token. Early investors enjoyed massive gains, with some making over 180,000% profits.
The Central African Republic had previously attempted to integrate cryptocurrency into its economy by declaring Bitcoin legal tender in April 2022, following in El Salvador’s footsteps. However, due to economic and infrastructural challenges, the initiative faced significant hurdles. The country also launched Sango Coin, another crypto project, which ultimately fell short of expectations amid opposition from organizations like the International Monetary Fund (IMF) and the Bank of Central African States (BEAC).
Hackers Infiltrate the Crypto Space?
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Shortly after the CAR token’s meteoric rise, an unexpected development occurred—Democratic Republic of Congo President Félix Tshisekedi’s official X (formerly Twitter) account announced the launch of another meme coin. However, reports indicate that at least five different Solana smart contracts were deployed through the account, resulting in significant losses for early investors.
This incident mirrors previous hacks, where influential figures’ social media accounts were compromised to promote fraudulent tokens. Analysts speculate that Tshisekedi’s X account may have been hijacked for the sole purpose of pushing a misleading meme coin launch.
CAR Token’s Boom and Bust
Despite reaching an all-time high of $0.56, CAR’s price has since plunged by 70%, now trading at $0.23. The token is primarily available on Raydium, a Solana-based decentralized exchange (DEX). However, given the uncertainties surrounding the launch and potential security concerns, traders are urged to exercise caution when dealing with this asset.
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