Cryptocurrency has long been hailed as the great financial equalizer, a tool for decentralization that could finally level the global economic playing field. As meme coins continue to rise in popularity, often minting millions within minutes, their adoption by world leaders has added a new twist to the digital gold rush.
But the reaction to these coins has been anything but equal. The contrasting receptions of $CAR, a meme coin launched by the President of the Central African Republic (CAR), and $Trump and $Melania, tokens backed by U.S. President Donald Trump and First Lady Melania Trump, reveal a stark divide driven by bias, geopolitics, and perception.
See also: $CAR: Central African Republic launches meme coin
For many, the backlash against $CAR is a classic case of double standard. Preye Clement, a crypto trader and community manager, in an interview with Technext, described it as “crypto colonialism.” According to him, the scepticism surrounding CAR’s entry into the meme coin market is just another way of dismissing African innovation.
“The backlash against $CAR is nothing but crypto colonialism at play. It’s just another example of the continuous belittling of Africa by the West. When a nation like the Central African Republic tries to innovate in the crypto space, the immediate reaction from Western commentators and traders isn’t to look at the potential or the innovation; it’s to question the legitimacy, to cast doubt, and to essentially say, ‘You can’t do this because you’re not from the developed world.”’
This sentiment was shared by many in the crypto community, with users on X pointing out the stark double standard. @SkillRemitgh remarked that if a Western country had launched a similar project, the reception would likely have been far more positive. Instead, CAR’s initiative was met with suspicion, while Trump’s meme coins, despite their own ethical questions, were readily accepted.
“This skepticism doesn’t just affect the perception of $CAR; it impacts the entire region’s ability to participate in the digital economy. We see this pattern repeatedly where Western bias shapes the narrative around African initiatives. If we want to move towards a more inclusive global financial system, we must challenge these colonial attitudes. Africa has the talent, the market, and now the technology to lead in areas like blockchain and cryptocurrency. It’s time the world recognizes this and stops viewing African-led projects through a lens of doubt and condescension,” Clement added.
Touadera Herald’s Africa’s First State-Backed Memecoin
On February 9, 2025, President Faustin-Archange Touadéra of the Central African Republic took the world by storm when he took to his official X handle to announce the launch of $CAR. The token is a first-of-its-kind state-backed meme coin in Africa, aimed at driving national development.
According to the President, “$CAR is an experiment designed to show how something as simple as a meme can unite people, support national development and put the Central African Republic on the world stage in a unique way.”
Built on the Solana blockchain, the coin quickly surged to a market cap of over $500 million, creating massive profits for its early adopters. Yet, instead of being celebrated as a bold step in crypto innovation in the emerging market, $CAR was met with scepticism.
Some in the crypto community even suggested that the president’s announcement video was a deepfake, casting doubt on the legitimacy of the entire project, causing a price fluctuation leading to a dip of 64 per cent in the first 24 hours to trade at $0.1353.
In stark contrast, $Trump and $Melania, launched last month by the Trumps on the eve of the inauguration, faced no such scrutiny. Despite concerns over potential conflicts of interest, the former soared past a $10 billion market cap, buoyed by Trump’s massive following and the enthusiasm of his supporters.
The difference in reception raises an uncomfortable question: Why is a meme coin from the Central African Republic met with doubt, while one from a U.S. political figure is embraced with open arms?
Bias or justified caution?
To some, the scepticism around $CAR is not necessarily about bias but caution. Going from the launch time to the announcement video and the country’s past experiments with cryptocurrency, such as its short-lived adoption of Bitcoin as legal tender in 2022, have left many wary.
Moreover, its unstable financial system and previous regulatory reversals may have contributed to the crypto community’s hesitance to embrace $CAR.
For Joel Nwankwo, an economist and tech founder, $Trump was just a pump-and-dump like Davido’s. Yet Trump didn’t face the same backlash because of his influence in the blockchain space, while $CAR, apart from inheriting a lack of trust from the market, is immediately seen as a scam due to its lack of influence.
At the same time, there is an undeniable pattern in how meme coins are judged. Trump’s long-standing vocal support for cryptocurrency positioned $Trump and $Melania as part of a larger, pro-crypto movement, making them easier to accept. Meanwhile, CAR, a nation often sidelined in global tech conversations, was immediately met with scrutiny.
The role of the media cannot be ignored either. Western coverage of $CAR focused on risk and potential fraud, while $Trump was largely framed as an amusing but legitimate financial opportunity.
What This Means for Africa’s Crypto Future
Despite the scepticism, $CAR presents an opportunity for the Central African Republic in particular and Africa in general to stake their claim in the digital economy. If successful, it could prove that even overlooked regions can take the lead in blockchain innovation, challenging long-held assumptions about which countries can shape the future of blockchain.
However, the launches of these meme coins also highlight the murky ethical waters of crypto. When public figures, especially heads of state, endorse digital assets, it blurs the lines between governance, investment, and speculation. The rapid rise and fall of these tokens underscore just how unpredictable and volatile the crypto market can be.
Most importantly, this controversy calls for a more equitable standard of scrutiny. Every new token, whether launched in Washington or Bangui, should be assessed on its merits, security, and potential impact, not just the political clout of its creators. If cryptocurrency is truly meant to be a global equalizer, then the world must move past these biases and embrace innovation, no matter where it comes from.
Overall, the divide between $CAR and $Trump isn’t just about meme coins; it’s about how the world views power, legitimacy, and innovation. If the crypto community wants to live up to its promise of decentralization, it must be willing to challenge the biases that continue to shape financial narratives. Otherwise, the dream of a truly democratized digital economy may remain just that, a dream.
Technext Newsletter
Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!
