The Central African Republic (CAR) launched its own memecoin on the Solana blockchain, becoming the world's first nation-state memecoin. However, the launch raised doubts about the seriousness of the country's crypto policies. The announcement was made with poor timing, in English instead of French, and during the US Super Bowl. The coin, named CAR, rallied to a market capitalization of $900 million before crashing 90% on its first day. It has since halved again to under $40 million. The official website produced security warnings and eventually went offline, and there was no evidence that any banks or payment processors accepted the coin in the country. Additionally, the top 10 holders of the coin held 84% of the supply. The launch of CAR was viewed as lacking serious consideration, which is not surprising considering the country's history of releasing fake crypto news.



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