VanEck executive Gabor Gurbacs, a man of unyielding optimism, recently shared his thoughts on the Argentinian President-backed LIBRA meme coin. Despite the recent rug pull concerns, Gurbacs remains as hopeful as a lottery ticket holder on New Year’s Eve. He believes that President Javier Milei can “fix the meme coin issues” and guide the nation towards a path of innovation, much like a lighthouse guiding ships through a stormy night. However, the recently launched meme token has taken a nosedive, losing nearly 72% of its value amid allegations of scams and rug pulls.
In an X post dated February 19, Gabor Gurbacs wrote, “President Javier Milei had a great vision for the free competition of currencies, including payments in fiat, Bitcoin, WTI, BTU, and other real-world assets.” With this in mind, Gurbacs remains optimistic about the President’s future decisions that could help resolve the ongoing LIBRA meme coin complications. He even invited the Argentinian President to discuss strategies to mitigate such losses, adding, “Feel free to call anytime to reference check people and companies,” a sentiment as warm as a cup of tea on a cold winter’s night, but with a hint of warning against the numerous scams and risks in the sector.
Meanwhile, the new meme token, backed by President Javier Milei, saw a significant decline soon after its launch. CoinGape reported that project insiders cashed out $107 million after a massive surge, causing the LIBRA coin’s price to plummet by 90%. Despite this, the Argentinian President maintained his innocence, further fueling market speculations and token volatility. An investigation into the matter was launched, adding more pressure to the already volatile price dynamics.
President Javier Milei ordered an investigation into the launch of the meme coin and its connections to the KIP Protocol. Despite the rug pull concerns, the renowned VanEck exec believes that these issues can be resolved and that the President’s pro-crypto vision will prevail.
As of press time, the LIBRA coin price had fallen over 20% in the past 24 hours, settling at $0.2676. Its intraday low and high were $0.2617 and $0.3526, respectively. CoinMarketCap data revealed that the coin had lost over 72% of its value since its launch. Crypto traders and investors are currently as cautious as a cat on a hot tin roof, given the uncertain market dynamics.
Hayden Davis, CEO of Kelsier Ventures, was earlier speculated to be involved in the setback by making payments to President Milei, according to a Coindesk report that was quickly deleted. Nevertheless, Davis broke his silence, denying such claims, while the market awaits further details on the matter and the future of the meme coin.
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2025-02-19 12:16