Libra Token Plummets 95% Amid Political Meme Coin Controversy
A cryptocurrency linked to Argentine President Javier Milei, called Libra, experienced a rapid increase in value before crashing by over 95%. The token launched shortly after similar cryptocurrencies were introduced by US President Donald Trump and First Lady Melania Trump.
$4.5 Billion Valuation to 95% Crash in Hours
- Libra briefly surged past $4.50 on launch day
- 34 insider accounts profited $124.6 million before the crash
- An investigation into Milei's role has been initiated by a federal judge
- Argentina's stock market initially dipped but quickly rebounded
Trump’s Token Also Takes a Hit
- Trump’s meme coin rose above $70 but fell to around $17
- Both tokens demonstrated volatility leading to significant losses for retail investors
- Experts warn of market manipulation and insider trading risks
Meme Coins or a Rigged Casino?
- Political meme coins have led to substantial investor losses
- Trust in the crypto space is eroding due to recent volatility
- High-profile traders have previously faced backlash for promoting failing tokens
Investors are advised to exercise caution in the current environment surrounding politically endorsed cryptocurrencies.