The Central African Republic (CAR) is set to make significant strides in blockchain and land management as President Faustin-Archange Touadéra announces plans to tokenize over 1,700 hectares of land through the Solana-based meme coin, CAR, with a target implementation date in June 2025. This initiative has raised eyebrows among traders and crypto enthusiasts alike.
On May 30, President Touadéra shared a pivotal decree via his X account, revealing plans to tokenize the land, making it accessible on the Solana (SOL) blockchain. This ambitious project is aimed at global traders who will be able to purchase tokens of the CAR meme coin, which Touadéra has branded as the “national meme coin” of the republic.
Located in the western region of Bosongo village, about 45 kilometers from the capital city, Bangui, this land is expected to be utilized for mining activities, as implied by references to the country’s mining regulations and recent laws pertaining to the tokenization of natural resources.
Following the announcement, interest in the CAR meme coin surged, with its value increasing by more than 20% according to CoinGecko. Trading volume also experienced a substantial boost, rising by 31.9% when compared to the previous day. In the past week alone, the token has experienced remarkable growth, rising by 182%, with a staggering 216% increase over the past month.
Currently, CAR is trading at $0.05, reflecting a 10.7% increase. Its market capitalization, initially estimated at $53 million since launching in February, had previously peaked at $884 million before experiencing a significant downturn.
In a notable engagement strategy, the top 100 holders of CAR were recently invited to Dubai for a meeting with President Touadéra, mirroring a similar initiative by U.S. politician Donald Trump for holders of the TRUMP meme coin.
The Controversy Surrounding CAR’s Meme Coin
The launch of the CAR meme coin on February 10 was described by President Touadéra as an innovative effort aimed at “uniting people, supporting national development, and placing the Central African Republic on the global map.” Despite its initial success, where it soared to an all-time high of $0.775 on launch day, the coin experienced a drastic decline shortly thereafter, with its market cap diminishing by over 50% to $460 million.
This downturn was attributed to a series of controversies including allegations connected to deepfake technology, suspensions of both the website and official accounts, and questionable domain registrations, which collectively contributed to skepticism within the trading community.
Suspicions were further fueled when multiple AI detection tools flagged the president’s announcement video as potentially AI-generated. The sudden suspension of the meme coin’s official account on X without explanation led to additional concerns, prompting the president to reassure the public that efforts were underway to restore it swiftly.
Citing concerns over the legitimacy of the project, Yokai Ryujin, founder of UnrevealedXYZ, highlighted that the domain for the meme coin was registered just three days prior to the announcement through a low-cost domain provider. This raised red flags about the legitimacy of the supposedly government-backed initiative.
The registered domain was then flagged by its provider, Namecheap, for being part of an “abusive service.” At the time of publishing, the president’s announcement included a link to a website providing further details on the meme coin and its intended purpose, which claims, “Born as a meme, built for utility. $CAR started as a presidential meme coin —now we’re driving toward real-world impact.”
