LIBRA Memecoin Collapses 97% After $87 Million Insider Dump
LIBRA, a memecoin endorsed by Argentine President Javier Milei, experienced a rapid rise and fall in value. Key points include:
- Initially surged to a $4.5 billion market cap after a 20x increase.
- Subsequently plummeted 97% due to insiders dumping over $87 million worth of LIBRA.
- Milei has distanced himself from the project and initiated an official investigation.
- Launch strategist Hayden Davis revealed tactics used in memecoins, including sniping buy-sell strategies.
- Davis stated that unseen forces exploit new memecoins, leading to significant losses for investors.
- He suggested transforming LIBRA into a “SocialFi” token with real utility to recover its value.
- Davis personally refunded Dave Portnoy after he lost $5 million trading LIBRA.
- Concerns arise about potential regulatory actions against predatory memecoin launches.
Davis expressed hope that future endorsements from Milei could revive LIBRA, while cautioning about the ongoing risks associated with memecoin investments.