Argentina’s President Launches LIBRA Token, Market Cap Drops $4.36 Billion
On February 14, Argentine President Javier Milei announced the launch of a memecoin called LIBRA, aimed at funding small businesses in Argentina. Following its launch, LIBRA's market cap peaked at $4.56 billion but plummeted to $200 million within hours as insiders began cashing out.
Key points include:
- Milei later distanced himself from the project, claiming ignorance of its details.
- Insiders reportedly profited significantly, with one wallet making $8.7 million in just an hour.
- Approximately 24 traders lost over $1 million each, totaling significant losses across multiple wallets.
- The overall meme coin market saw a decline of more than $40 billion following the LIBRA incident.
- Opposition parties are pursuing impeachment against Milei for his involvement, citing potential fraud.
- An investigation by Argentina’s Anti-Corruption Office is underway regarding the project.
- Milei asserted he only shared information about LIBRA and did not promote it, attributing losses mainly to foreign investors.
The LIBRA situation has raised questions about regulatory oversight and investor protection in the cryptocurrency space.