Memecoin $CAR Loses 90% of Its Price Soon After Its Launch- Data

Most recently, BBC reported Faustin-Archange Touadéra the president of the Central African Republic launched a meme-coin a few days ago to increase awareness of the nation worldwide. The wider cryptocurrency market now has more than 1k listed memecoins

When writing, the memecoin market was valued at $73.95 billion with a surge of 7 percent in the past 24 hours, Dogecoin is the top memecoin in the crypto space.

Memecoins are typically designed to help any online trend or meme gain traction, or these types of coins and tokens are introduced by celebrities to allow their followers to create a community with exposure to digital assets.

The information about the $CAR launch was first revealed by the president through his X account. In a most recent post, he assured that the launch has turned out to be a successful event, yet there are claims that the price of $CAR fell suddenly after it launched

SolScan’s data notes that around 33.13 percent of the supply is held by a wallet ‘ 51MsZh……..NJs’ and address ‘5aXLU….hnv’ holding 249.97 million $CAR tokens. In 7 days, the total volume of CAR is $1,167,429,127, in terms of token distribution by value swap

Bitcoin’s legalization in CAR reflects a pro-crypto stance

The Central African Republic is the 2nd nation to legalize Bitcoin after El Salvador. Yet in terms of GDP, it stands far below El Salvador, which has $32 billion GDP, and CAR has only $2.80 billion GDP

According to CoinMarketCap, $CAR was trading at $0.0236 with an intraday decline of 21%, and in the past seven days, it lost 97.12 percent of the price

Source: CoinMarketCap

$CAR’s market cap is $23.66 million with a loss of 20.30%, and trading volume is $17.32 million with a loss of 51.66%. Its highest traded price of $CAR is $0.7927, recorded on February 10, 2025

Underdeveloped nations exploring development opportunities in crypto

In the past few quarters, dozens of underdeveloped nations have formed a favorable set of rules for digital assets and other blockchain-related products to gain exposure to cryptocurrencies

In terms of direct investment, there are only a few countries that legally own Bitcoin, but in terms of indirect sources, they hold a huge stash of BTC. The indirect holding means the digital asset seized by the authorities and agencies of the nation during the seizure and raids in several criminal cases concerning crypto

The U.S. has Bitcoin worth over $1 billion; China has a stake in BTC, El Salvador, India, and Bulgaria. It is worth noting that after a deal with the IMF, El Salvador has suppressed its pace of buying Bitcoin

The country’s exposure to Bitcoin and crypto, Nayib Bukele, the president declared in the final quarter of 2024 that the country’s income and revenue had shown positive momentum.