Meme Coin Surges $900M Then Crashes

Central African Republic’s Meme Coin Surges, Then Crashes

• The Central African Republic launched a national meme coin called $CAR.
• Initially, the coin’s market cap soared to $897.41 million, nearly one-third of the nation’s GDP.
• The tokenomics page allocated 35% of the supply for national development.
• Skepticism arose due to potential deepfake concerns and a non-functional website.
• The coin’s market cap crashed by 87% to $125 million within hours.

The Central African Republic introduced a meme coin, $CAR, which briefly reached a market cap of $897.41 million before crashing amid skepticism about its legitimacy and technical issues.