Tokenization of Land in the Central African Republic!

On May 30, Touadéra shared on his X (formerly Twitter) account that he signed a presidential decree involving the digitalization of 1,700 hectares of land, which will be made accessible on the Solana blockchain by June 2025. This land will be open to global investors and can only be acquired using the CAR token, referred to as the “national meme coin” of the country.

The land to be tokenized is reportedly located near the village of Bosongo, 45 kilometers west of the capital, Bangui. The decree refers to the nation’s mining laws and the 2023 regulations on the tokenization of resources, indicating that the land might be allocated for mining activities.

Following Touadéra’s post, the CAR token surged by more than 20% according to market data. Daily trading volume also rose by 31.9% compared to the previous day, reflecting a spike in investor interest. The token, which has made significant gains recently, rose 182% in the past week and 216% over the past month.

Currently, the token is up by approximately 10.7% and trading at $0.05, with a market cap hovering around $53 million. However, shortly after its launch in February, it had experienced a sharp drop from a peak of $884 million.

Last month, the top 100 holders of CAR token were invited to Dubai for a private meeting with President Touadéra. This move echoed the exclusive dinner organized for TRUMP meme coin investors on May 22.

Ongoing Doubts About the State-Backed Meme Coin

Announced on February 10, the CAR meme coin was introduced by Touadéra as an experiment to “bring people together, contribute to national development, and place the country on the global stage in a unique way.”

However, after surging to $0.775 on launch day, the token quickly plummeted. Its market cap dropped by more than 50%, falling from $884 million to $460 million. This crash was further fueled by accusations of the launch video being AI-generated, sudden suspensions of social media accounts, and suspicious domain registration details.

Several AI detection tools flagged the president’s promotional video as AI-generated. The official X account of the project was suspended without explanation. The president later stated from his own account that his team was working to restore the accounts as soon as possible.

Yokai Ryujin, founder of UnrevealedXYZ, pointed out that the domain name used for the CAR token was registered through a low-cost provider just three days before the announcement. According to Ryujin, this raised red flags for a project claiming to be government-backed.

Shortly after, domain provider Namecheap suspended the website, stating it was flagged for “abusive use.”

As of press time, President Touadéra’s post remains active and includes a link to a website outlining the coin’s purpose, token address, and the exchanges it’s listed on.

The description on the website reads:
“Born as a meme, built for utility. $CAR started as a presidential meme coin — now we’re driving toward real-world impact.”

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