Libra Catastrophe in Meme Coin Market, $4.5 billion Wiped Off
Argentine President Javier Milei over the weekend announced the launch of a meme coin on Solana called LIBRA to support the Argentine economy by funding small projects and local businesses,
The meme token built on SOL immediately caught the attention of traders. But even though LIBRA got off to a great start, its value has drastically declined, casting doubt on the initiative’s legitimacy.
The LIBRA meme coin was created to support local startups and small businesses, as stated on Viva La Libertad project website. Javier Milei noted in his post on X, which was removed a few hours after it was published.
“This private project will be dedicated to encouraging the growth of the Argentine economy by financing small Argentine businesses and startups.”. Argentina is a destination for international investment.
Argentine President clarified on X, “I deleted the tweet because I didn’t know the project’s specifics and decided not to broadcast it any further after learning about it.”. Thousands of investors have lost all their money, though, and the damage is done. Threadguy, a YouTuber, claimed to have lost $250,000.
Carlos Maslaton, an Argentinean lawyer, even calls for his impeachment after a massive scam: “It’s official, there is no hacking, confirmed by everyone around him.”. Milei is actively engaged in cryptocurrency fraud. You have transgressed all ethical standards; the content is intended to defraud. Without a doubt, there are reasons to impeach. “
LIBRA’s market capitalization peaked at $4.05 billion at its launch and lost almost everything within a few hours.
The token fell from $4.50 to just $0.20, while the trading volume surpassed $1 billion. Due to the extreme volatility, many investors began to ponder whether this was a legitimate opportunity or a possible scam.
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