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.

The leader of one of Africa’s poorest nations has mimicked Donald Trump with the launch of a so-called memecoin, only to see its value immediately crash over concerns the project was an elaborate fake.

The president of the Central African Republic, Faustin-Archange Touadéra, on Sunday announced the launch of a new meme coin called “Central African Republic Meme” (CRYPTO: CAR), leaving the crypto community in disbelief.

The Central African Republic, a poverty-stricken and perennially unstable country despite its vast mineral wealth, has launched a memecoin called $CAR, which had a tumultuous debut, according to experts.