President of Central African Republic launches memecoin

Central African Republic President Faustin-Archange Touadéra has announced the launch of memecoin. On the platform X (formerly Twitter), he stated:

Currently, memecoin has a market capitalization of about $290 million. According to Lookonchain, one trader made several million dollars within just three hours of a $5,000 investment. He has already sold for $1.7 million and still owns CAR worth several million dollars.

The project also set up a dedicated account on X to share updates and announcements about the token. Unfortunately, this account has since been blocked by the social media platform. President Touadéra announced that it is working with the platform to release the account as soon as possible.

In addition, the website's registration with the low-cost domain provider Namecheap.com has caused suspicion. After warnings, the domain has since been blocked as well.

Community members, meanwhile, warn of what they consider a "pure scam." They state:

"They have consolidated more than 80 percent of the total offerings. In addition, they have already cashed more than $15 million and still own about 70 percent."

Already two years ago, the Central African Republic launched a cryptocurrency called Sango Coin. According to President Touadéra, this coin would become the "access point to the Central African Republic's natural resources." With it, the government wanted tokenize the country's natural resources - including oil, diamonds and copper.

The plan was reportedly to establish a cryptocurrency-based economy, with Sango becoming the "next-generation currency for the Central African Republic." At the time, Finance Minister Hervé Ndoba stated that the national cryptocurrency would be supported by Bitcoin. Exactly how this would work, however, remained unclear. The transmitted BTCs were confiscated by the state and the Sango project was halted. The earlier introduction of Bitcoin as legal tender was also later reversed.

Why Barstool Sports founder David Portnoy is also currently captivating the crypto community with memecoins, read here.