Faustin-Archange Touadéra, the President of the Central African Republic, signed a decree to tokenize more than 1,700 hectares of land in the county. Through his official X account, the president announced that the land will be tokenized on the Solana (SOL) network using only the country’s token dubbed Central African Republic Meme ($CAR).

According to the presidential decree, the segregated land in the country will only be accessible via CAR token beginning June 2025. Consequently, the CAR memecoin has gained significant attention from speculative crypto traders.

“Starting June, land concessions will be accessible online using $CAR, directly on Solana. A new era of access and transparency begins,” Touadéra noted.

Central African Republic Meme (CAR) Defies Crypto Bearish Sentiment 

The CAR memecoin has largely decoupled from the wider altcoin market, which has been trapped in bearish sentiment in the past two weeks. According to Coimpedia’s crypto oracles, CAR price surged over 17 percent following the announcement to trade about $0.053 on Thursday, May 29 during the mid-North American trading session.

The small-cap memecoin, with a fully diluted valuation of about $54 million and a 24-hour average trading volume of around $9.2 million, has surged more than 300 percent in the past two months. As a result, CAR price has achieved a significant bullish momentum to possibly pump towards its all-time high (ATH) of about 77 cents, about 93 percent.

Meanwhile, Bitcoin (BTC) price led the wider altcoin market in mild correction, thus the total crypto market cap dropped by 3 percent in the past 24 hours to hover about $3.5 trillion. However, the notable surge of CAR price could signal an incoming crypto rally catalyzed by the wider adoption of digital assets by institutional investors amid clear regulations.