Argentina’s $LIBRA token hits $4.5B before crashing 89% as Milei withdraws endorsement
The post Argentina’s $LIBRA token hits $4.5B before crashing 89% as Milei withdraws endorsement appeared on BitcoinEthereumNews.com.
Argentina’s President Javier Milei has withdrawn his endorsement of the LIBRA meme token, saying that he has no connection with the project. Milei admitted that he had not taken enough time to research the token before supporting it. After finding out more about it, he unfollowed its Twitter account. The president’s X account promoted a Solana meme coin called $LIBRA late Friday. According to him, the token was designed to stimulate the economy by funding small businesses. Traders initially piled in to buy the meme coin, driving it to a market cap of roughly $4.5 billion. This growing skepticism over the token’s legitimacy and concerns of a potential pump-and-dump scheme led to a sharp price drop. LIBRA crashes 89% as traders question its legitimacy Just a few hours after being launched on X (formerly Twitter), LIBRA fell 89%. The crypto analytics platform DexScreener reports that the token rose to $4.50 at launch before falling to $0.50. The Viva La Libertad Project’s website states that the meme coin initiative aimed to strengthen Argentina’s economy by supporting small projects and local businesses. “This private project will be dedicated to encouraging the growth of the Argentine economy by funding small Argentine businesses and startups,” a message initially posted and deleted in Milei’s account read (as translated by X). “The world wants to invest in Argentina.” The incident echoed the unexpected launch of U.S. President Donald Trump’s TRUMP token in January, just days before his inauguration. Like that event, meme coin traders rushed to buy LIBRA as its value surged—only to later question its legitimacy and whether President Milei’s account had been compromised. Trump’s token ultimately proved legitimate, and according to Bloomberg Línea, Milei confirmed that he did share the LIBRA token launch. On-chain analysts exposed LIBRA’s red flags as developers allegedly dump $87M…
Filed under: News - @ February 15, 2025 7:24 am