LIBRA Meme Coin Traders Lose $251 Million Amid 90% Price Drop
Nansen's recent report reveals that the LIBRA meme coin launch resulted in substantial losses for traders, with nearly 86% losing a total of $251 million. In contrast, winning trades gained $180 million.
- LIBRA launched on Meteora, a decentralized exchange on Solana, achieving over $4.5 billion in market capitalization.
- Argentinian President Javier Milei promoted LIBRA as a means to support local businesses and the economy.
- The incident has affected the meme coin sector negatively and highlights risks with celebrity tokens linked to political figures.
LIBRA Meme Coin Tanks 90% amid Insider Selloff
Following an insider sell-off, LIBRA's value plummeted by 90%. Currently, it trades at $0.2077, down 15%, with daily trading volumes falling by 44% to $7.8 million.
- Over 40,000 crypto addresses initially drove the token's price surge.
- Insiders sold significant amounts, leading to a sharp decline in market cap.
- Milei deleted his promotional post, stating he was unaware of project details and ceased endorsing it.
- Opposition leaders condemned the incident, calling it an international embarrassment and demanding impeachment proceedings against Milei.
- Nansen noted that 70% of wallets trading LIBRA from February 16-18 realized losses.
- The number of unique holders fell from over 50,000 on February 14 to 35,770 by February 18.
Two wallets reportedly profited over $5.4 million within 43 minutes on February 14.