LIBRA Memecoin Market Cap Soars to $4 Billion Before Plummeting
Argentine President Javier Milei's memecoin launch has faced significant backlash, following a common pattern where viral tokens experience rapid price increases before crashing. Key points include:
- The LIBRA token reached over $4 billion in market cap before plummeting to under $200 million.
- Barstool Sports CEO Dave Portnoy was reportedly refunded his $5 million investment in LIBRA.
- Ben Chow, CEO of the DeFi platform Meteora, resigned amid the fallout, with an investigation launched by Jupiter's tech law firm.
- Milei is facing a lawsuit, Argentina’s stock market dropped 5%, and SOL declined nearly 20% since Friday.
- Criticism emerged from crypto influencers about the need for Solana to focus on productive use cases instead of memecoins.
Despite the turmoil, experts remain skeptical that this incident will deter future memecoin trading activities.