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Argentina’s President Javier Milei Backtracks on Memecoin Promotion
Argentina’s President Javier Milei has backtracked on a tweet promoting a memecoin called Libra, which rose to a $4.4 billion market cap before plummeting by more than 95%.
Milei’s Initial Tweet
In a now-deleted tweet, Milei wrote: “This is a private project dedicated to encouraging the growth of the Argentine economy,” along with a Solana contract address linked to the Libra token.
Libra’s Sudden Rise and Fall
Libra rose by more than 2,000% in a 40-minute span following the tweet, only to tumble rapidly as a group of early holders began to cash out.
Insiders’ Liquidation
According to account KobeissiLetter, a series of BubbleMaps screenshots showed that alleged “insiders” liquidated tokens by adding one-sided liquidity pools on Metora with only Libra, allowing them to remove SOL and stablecoins.
Trading Volume Surges
Trading volume for Libra hit $1.1 billion after launch, although it appeared that purchases and sales were skewed; there were 74,500 individual buy orders and 28,900 sales – indicating that larger sell orders flattened the flurry of retail activity.
Milei’s Backtracking
Milei later addressed the botched memecoin on X, stating that he “was not aware of the details of the project.”
Hace unas horas publiqué un tweet, como tantas otras infinitas veces, apoyando un supuesto emprendimiento privado del que obviamente no tengo vinculación alguna.
No estaba interiorizado de los pormenores del proyecto y luego de haberme interiorizado decidà no seguir dándole…
— Javier Milei (@JMilei) February 15, 2025
“A few hours ago I posted a tweet, as I have so many other times, supporting a supposed private enterprise with which I obviously have no connection whatsoever,” Milei wrote. “I was not aware of the details of the project and after having become aware of it I decided not to continue spreading the word (that is why I deleted the tweet).”
Consequences of Libra’s Fall
The sell-off in Libra rippled across the wider memecoin market, with TRUMP losing $500 million from its market cap, according to market data, in a 30-minute period after Libra began to tumble.
Conclusion
The sudden and dramatic rise and fall of Libra serves as a cautionary tale for the dangers of speculation and the importance of due diligence in the world of cryptocurrency. As the market continues to evolve, it is essential for investors and individuals to remain vigilant and informed in order to avoid falling victim to similar schemes.
FAQs
- What is Libra?
- A memecoin that rose to a $4.4 billion market cap before plummeting by more than 95%.
- Who is Javier Milei?
- The President of Argentina who initially tweeted about Libra, only to later backtrack and delete the tweet.
- What was the impact of Libra’s fall on the memecoin market?
- The sell-off in Libra rippled across the wider memecoin market, causing TRUMP to lose $500 million from its market cap in a 30-minute period.
- What can investors do to avoid falling victim to similar schemes?
- Investors should remain vigilant and informed, conducting thorough research and due diligence on any investment opportunity before making a decision.
