Kenya government endorses new ‘national digital token’

While KDT has received the endorsement of the Kenyan government, its not an official national project, and rightly so, as every time digital currency and the state team up, it ends in chaos.

Earlier this year, one such crypto-state pairing almost led to the impeachment of Javier Milei, Argentina‘s eccentric president. Milei’s post on X in February promoted $LIBRA, a digital currency project he claimed would fund small businesses in Argentina.

The post catalyzed a meteoric, albeit very short-lived, price rise for the projects token. At one point, it hit $4 billion in market cap, before it all came crashing down as early buyers dumped on the market.

Despite deleting the post just hours later and distancing himself from the project, Milei faced impeachment calls, and a judge was appointed to investigate fraud claims. He has since then been cleared of the charges.

Around the same time, Milei endorsed $LIBRA, President Faustin-Archange Touadera launched a national memecoin for the Central African Republic (CAR). Unlike Milei, Touadera stood behind the project, claiming it would unite his people and support national development.

His backing pushed the memecoin to $900 million in market cap in a day. However, red flags were quickly spotted; for starters, his promotional video for the token was flagged as AI-generated, while the website domain and X accounts were found to have been created shortly before the launch. Scam claims ensued, and just as quickly as it had ascended, the memecoin collapsed, losing over 95% of its value. Blockchain sleuths later revealed that 76% of the tokens were held by just four wallets.

U.S. President Donald Trump is the only leader who seems to have defied this trend. His $TRUMP memecoin is now the fifth largest, and while its market cap has dipped 78% since its peak on inauguration day, it still commands a $1.9 billion market cap. However, $MELANIA, his wifes memecoin, has shed 90% of its value since the January 20 all-time high.