Central African Republic Shakes Up Crypto World: Tokenizing 1,700 Hectares of Land with Meme Coin CAR

Hang onto your hats, crypto fans! The President of Central African Republic, Faustin-Archange Touadéra, just dropped a bombshell. Come June, he's set to tokenize a whopping 1,700 hectares of land using the Solana-based meme coin, CAR. And yeah, this coin has been raising eyebrows left and right in the trading community.

On May 30, Touadéra hit up his X account to spill the beans. He's signed a presidential decree to get this land tokenized and up on the Solana (SOL) chain by June 2025. And guess what? This land will be out there for traders worldwide to snatch up by buying the meme coin CAR, which Touadéra's calling the "national meme coin" of the state. Bold move, right?

The plot thickens—the land's nestled in the western area of Bosongo village, just 45 kilometers west of the capital, Bangui. And it's not just any land. The decree's tied to the country's mining code and new laws from 2023 about tokenizing natural resources. Sounds like they're gearing up for some serious mining action.

After Touadéra's big reveal on X, the CAR meme coin skyrocketed over 20%! CoinGecko's data shows the daily trading volume also pumped up by 31.9% from the day before. This Solana-based token's been on fire lately, soaring 182% in the last week and a jaw-dropping 216% over the past month. Talk about a wild ride!

Right now, the token's up 10.7%, trading at $0.05 with a market cap hitting $53 million since its launch last February. It even touched $884 million before crashing down soon after. It's been a rollercoaster, no doubt.

And get this—last month, the top 100 CAR holders got an exclusive invite to Dubai to rub shoulders with President Touadéra himself. It's like Trump's dinner for the top 220 TRUMP meme coin holders, but with a Central African twist!

Controversy Surrounding Central African Republic's Meme Coin

Back on Feb. 10, the Central African Republic launched its very own meme coin, CAR. President Touadéra dubbed it an experiment to "unite people, support national development, and put the Central African Republic on the world stage in a unique way." Ambitious, right?

But hold on, after hitting an all-time high of $0.775 on launch day, the meme coin crashed hard. Its market cap plummeted over 50% from $884 million to $460 million. Why? Deepfake allegations, sudden account suspensions, and shady domain registrations had traders questioning the whole setup.

AI detection tools even flagged the president's announcement video as AI-generated. And then, bam! The meme coin's official X account got suspended out of nowhere. Touadéra had to jump back on X to say his team was hustling to get it back up.

Yokai Ryujin from UnrevealedXYZ pointed out the meme coin's domain was registered on a budget domain provider just three days before the announcement. Strange move for a supposed government-backed project, don't you think?

Soon after, Namecheap pulled the plug on the website, labeling it an "abusive service." Yikes.

Right now, the president's post still links to a website laying out the meme coin's description and purpose. It's got the coin's address and the exchanges where you can get it.

"Born as a meme, built for utility. $CAR started as a presidential meme coin—now we're driving toward real-world impact," the website boasts.

Stay tuned, folks. This story's far from over!