Sango Coin, the national currency of the Central African Republic, is available for sale on the Sango project website. This is the first time a country has launched its own coin.
Faustin-Archange Touadéra, the country’s President declared Sango Coin as the national currency in July during a virtual reality exhibition.
The token will be part of a plan to tokenize resources in the African country. This can be understood as the user can somehow own the resource through the Sango token.
Besides oil, this developing country also possesses an abundant amount of natural resources such as diamonds, copper, rhodium, gold, etc. However, there is still no announcement on how these resources can become profitable. profits for investors.
In addition, a special thing was discovered on Sango’s website, by locking a large enough amount of Sango coin for a period of time, you can become a citizen or own a piece of land here.
Up to now, the project has sold 5.25% of total supply for 0.1 USD. This means that the project has raised over 1 million USD in just 24 hours. The project says it intends to raise more than $1 billion in this token sale by the end of the year. Meanwhile, the country’s economic output is only $2.38 billion, according to data from the World Bank 2020.
In terms of price, on the daily frame, Bitcoin is moving above the downtrend. Over the past 24 hours, BTC is up more than 8% and is retracing to the trendline. This is also the confluence with the Ichimoku cloud region. Accordingly, Bitcoin could reverse the trend because it is located near strong resistance.
However, if the buying power is strong enough for BTC to break out of the $25,000 zone. In the next 1-2 months, Bitcoin can recover to the area of 30,000-35,000 USD (fibo 0.5-0.618).
Overall, on the major timeframes, Bitcoin is still in a downtrend and below the weekly MA200. Readers should consider before deciding to invest, limit fomo when the price is pumping strongly.