Presidential Scam or Negligence? How Milei’s LIBRA Crashed Meme Coin Market

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Oh, What a Tangled Web We Weave! 🤔💸

On the fourteenth day of February, a date most known for love, the President of Argentina, one Javier Milei, took to the grand stage of X, proclaiming a most curious venture! He unveiled a token, LIBRA, which he dubbed a ‘private project’ aimed at nurturing the tender shoots of the Argentine economy by showering small businesses and startups with golden coins. How noble! Or perhaps, how naïve? 🤷‍♂️

Javier Milei just DESTROYED the memecoin market:

Hours ago, Argentinian President Milei launched a memecoin, $LIBRA, for “the growth of their economy.”

Within 5 hours, over -$4.4 BILLION of market cap was erased.

Is this the biggest rug pull in history?

(a thread)

— The Kobeissi Letter (@KobeissiLetter) February 15, 2025

Lo and behold! The market cap of LIBRA soared to a dizzying height of $4.56 billion! But, as the fates would have it, within a mere three hours, the insiders, those crafty foxes, began to cash out, leaving the market cap gasping for breath at a paltry $200 million. What a spectacle! 🎭

After this grand collapse, our dear Milei, in a twist worthy of a Shakespearean play, took to his digital quill once more, casting blame upon his political foes. ‘I was not aware of the details of the project,’ he lamented, ‘and upon discovering the truth, I chose to silence my trumpet (hence the deleted tweet).’ Oh, the irony! 🎺

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 decidí no seguir dándole…

— Javier Milei (@JMilei) February 15, 2025

Insiders… a Great Sea of Insiders 🌊

According to the wise sages at Bubblemaps, both LIBRA and MELANIA (yes, that Melania, the First Lady of the United States) sprang forth from the same creative womb! A single development team, they say! How quaint! 🍼

It appears one address pocketed a tidy sum of $2.4 million from MELANIA, only to send the spoils to another wallet linked to the creator of MELANIA. ‘A sniping of their own launch,’ they declared. How scandalous! 🎯

Related article: Binance Launches MELANIA Perpetual Contract

Weeks later, the same wallet was seen funding DEfcyK, the creator of LIBRA, sniping yet another token and raking in $6 million. A veritable gold mine! 💰

In a twist of fate, an unknown user spent $900,000 to buy LIBRA at an average price of $0.26945, only to sell it at a staggering $2.9139, pocketing a cool $8.7 million in just one hour! A true master of the game! 🎩

As the illustrious Barstool Sports founder, Dave Portnoy, revealed, he was to be a consultant on this grand project, acquiring 6 million LIBRA tokens, only to return them after being advised to keep his mouth shut. Oh, the drama! 🎭

According to the astute analysts at lmk, at least 24 traders lost more than $1 million on LIBRA, while 61 others shed tears over losses exceeding $500,000. The largest loss? A staggering $5.17 million! A tragedy worthy of a Greek play! 🎭

24 traders lose $1M+ on $LIBRA! 61 traders lose $500K+ based on transaction history.

The biggest loser realized $5.17M loss! He spent $5.6M to buy 2.1M token in total, and ended up sold these token for $430K!

More on 👉

— lmk.fun 🦜 (Prev. Sc

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2025-02-22 22:15