Why is Central African Republic (CAR) Memecoin Trending?

In a recent development, the Central African Republic (CAR) memecoin has been in the spotlight, drawing attention within the cryptocurrency space. The token’s month-to-date has maintained a bullish momentum, defying the broader bearish trend today. 

According to CoinGecko, CAR has registered a surge of over 400% in the past 30 days. Meanwhile, a major contributor to the buzz around the country’s official meme coin stems from the launch of its land platform using CAR on Solana, among other factors. 

Central African Republic Launches Tokenized Land Platform 

In a social media X post on June 3, President Faustin-Archange Touadéra announced the launch of a groundbreaking real-world asset (RWA) tokenization protocol. Notably, the platform will enable global citizens to purchase tokenized land concessions in the Central African Republic. 

Interestingly, the national memecoin CAR will serve as a means of payment for tokenized assets based on the Solana blockchain. Following an earlier announcement, Touadéra revealed that over 1,700 hectares west of Bangui are now accessible for agriculture or construction, explicitly excluding mining activities.

“The land is cleared, registered, subdivided, and connected by existing roads,” the Republican president stated. 

The initiative, backed by a presidential decree, aims to revolutionize land ownership through the use of blockchain technology. This is to ensure transparency and decentralization. Notably, Touadéra emphasized sustainable and responsible tokenization, with plans to extend this framework to natural resources, such as gold, aligning with CAR’s 2023 mining laws and global blockchain standards. 

How It Works

The platform’s process is straightforward. First, investors need to identify the desired plot they want to purchase using an interactive color-coded map. On the map, available plots are signified with a green color code, while sold-out plots appear in red. Second, buyers will link their respective Solana wallets and get a verification email.

Meanwhile, accompanying the email verification will be the investor’s name and nationality. Subsequently, the buyer has to confirm the purchase using the CAR token. Following the purchase, a certificate of concession will be issued to the buyer, certifying ownership of the property.

What is CAR?

The CAR memecoin, officially dubbed the “Central African Republic Meme” token, is a cryptocurrency launched by the Central African Republic, operating on the Solana blockchain. Unlike typical memecoins, CAR is unique because it has the backing of the national government, specifically under the leadership of President Faustin-Archange Touadéra.

Originally a presidential meme coin, CAR is evolving into a utility-driven project. Its latest aspiration to be the on-chain foundation for tokenized assets, including land concessions and national resources, demonstrates the immense growth within its ecosystem. 

Meanwhile, this aligns with global trends, as tokenization has the potential to revolutionize financial systems by enhancing transparency and efficiency. Notable centralized and decentralized exchanges, such as Hotcoin and Ryadium, have listed the CAR token for trading, expanding its reach.

With a market capitalization of $93.6 million and a circulating supply of 999.9 million tokens, CAR has gained significant traction, as noted in a recent X post. Furthermore, with the cryptocurrency market on a bearish trend, CAR has soared 586% over the past month. 

At press time, the presidential memecoin has remarkably surged 23.4%, reaching a price of $0.09365.

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