It appears that the Central African Republic President hasn’t given up on the country’s official meme coin.
He hinted Wednesday that the token is set to influence a future law. After the tease, the Central African Republic Meme (CAR) token has jumped 20% to a $15.8 million market cap, according to CoinGecko.
“Some documents don’t just make laws. They make history! $CAR,” President Faustin-Archange Touadéra wrote on X.
This was accompanied by a photo of a white document with the word “decret” at the top, which translates from French to decree referring to an official order that has the force of law. Unfortunately the rest of the document is blurred and unreadable.
The token’s official X account, previously endorsed by Touadéra, added “when was the last time a meme coin needed paper work?” Further adding to rumors that the token is set to somehow be directly implemented into the Central African Republic’s legal system.
This all started back in February, when President Touadéra posted a spree of social media posts claiming the country had launched a Solana meme coin as an experiment. He said at the time he wanted to show how a “meme can unite people, support national development,” and put the country on the “world stage.”
After accusations of a hack were brushed off, the token peaked at a market cap of $884.31 million a day after it launched, according to DEX Screener.
However, it soon crashed as hype died out, no clear plans were set, and traders moved onto the next shiny asset on the market. Despite the recent 20% bump, CAR is still down 98% from its all-time high.
The Central African Republic created its meme coin a month after the U.S. President Donald Trump launched an official token in his image. Similarly, the TRUMP token soared to $14.5 billion market cap as most investors saw it as a paradigm shift for meme coins and cryptocurrencies. However, after first lady Melania Trump created her own token and hype also died out the TRUMP meme coin has fallen 89.5% from its all-time high to $1.5 billion, according to CoinGecko.
Soon after the African nation got in on the meme coin bandwagon, the President of Argentina Javier Milei promoted LIBRA on his social media. Again, LIBRA soared to $1.17 billion market cap as many believed it to be a token aimed at supporting the Argentine economy, endorsed by its President. Quickly this was revealed to not be true, with allegations of fraud thrown at the President and the team behind the token.
Now, LIBRA has crashed 98% from its all-time high, sitting at a market cap of just $21.6 million.
Clearly, country and President led meme coins have failed to display any lasting power since their emergence in January through President Trump. However, it appears that the Central African Republic is looking to change this narrative with an apparent token-related law in the works.
Edited by Stacy Elliott.
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