Central African Republic President Faustin-Archange Touadéra has launched a meme-coin in a bid to raise the profile of the country, which is one of the world's poorest. Meme-coins are used to build popularity for a viral internet trend or movement and fans are inspired to collect and give them value,

Central African Republic has launched a meme coin in what President Faustin-Archange Touadera said was a bid to raise the profile of one of the world's poorest countries.

He pointed out that launching the coin at 1 AM Central African Time seemed suspicious. Although the President claimed to lock the token supply through Streamflow, he still had control. He could cancel, withdraw or dump tokens at any time.

The Central African Republic's $CAR memecoin has risen to a $530M market cap, but deepfake issues and insider cashouts raise doubts.

Faustin-Archange Touadéra, president of the Central African Republic, said on X that the country’s memecoin was “an experiment designed to show how something as simple as a meme can unite people, support national development and put CAR on the world stage in a unique way”.