Javier Milei Withdraws Support for $4.4B Memecoin Libra After Sell-Off

Argentina's President Javier Milei has reversed his endorsement of the memecoin Libra, which briefly reached a $4.4 billion market cap before dropping over 95%.

Milei initially promoted Libra in a now-deleted tweet linking to its Solana contract.
Libra surged by over 2,000% within 40 minutes post-tweet but quickly plummeted as early holders started selling.
Trading volume for Libra hit $1.1 billion, with 74,500 buy orders compared to 28,900 sales, indicating larger sell orders affected retail trading.
Milei later stated he was unaware of the project's details and deleted the tweet after realizing its implications.
The decline of Libra impacted the broader memecoin market, causing TRUMP to lose $500 million in market cap within 30 minutes.