Amid the tumultuous waves of the crypto sea, a LIBRA whale found itself in dire straits, losing a staggering $2.78 million. The culprit? Argentinian President Javier Milei, who, with a single retweet, stirred the waters of the Solana-based meme coin. President Milei, ever the master of the soundbite, clarified that his intention was not to persuade the masses but to raise awareness and support Argentine businesses. Yet, the market, with its fickle nature, surged to $0.75 in mere minutes, only to crash 50% in the blink of an eye.
A LIBRA whale, perhaps mistaking Milei’s retweet for a beacon of hope, invested 17,450 SOL (approximately $3.25 million) to purchase LIBRA. The subsequent sale of their holdings at 3,200 $SOL ($595,000) resulted in a staggering loss of 14,250 SOL, equivalent to $2.65 million. Undeterred, the whale made a second attempt, spending an additional 2,855 SOL ($531,000) on the token. Alas, this trade also ended in disaster, with the whale selling for 2,159 SOL ($412,000), incurring a further loss of 696 SOL ($129,000), as per the on-chain data by SolScan.
After the initial surge to $0.75, the LIBRA price has plummeted 50%, now trading at $0.3625. Despite the crash, it remains 34% up on the daily chart, with daily trading volume surging by 740% to $162 million. Another pump and dump in the meme coin has trapped traders looking to make a quick buck, amid a massive $4.5 billion insider trading activity. 📈📉
Argentina President Javier Milei Claims No Wrongdoing
As the LIBRA meme coin scandal erupted, Argentina President Javier Milei stepped forward to defend himself against major lawsuits and calls for impeachment. Milei confirmed meeting with the creators of the LIBRA memecoin but emphasized that his social media posts were not intended to persuade people to invest. Instead, he stated that his intent was to raise awareness about the initiative, which aims to support Argentine businesses through the use of cryptocurrency.
“I’m not an expert. My specialty is economic growth, with and without money. As a guy who’s a super technology enthusiast seeing the possibility of a tool to finance entrepreneurs’ projects, I spread the word.”
Celebrity meme coins have been all the rage recently, especially after Donald Trump launched the TRUMP meme coin during his inauguration in January. Following the initial euphoria, the TRUMP price has crashed nearly 80% from the peak and is currently trading around $16.6. However, market analysts, ever the optimists, still predict a TRUMP price rally to $50 by the end of February. 🚀💰
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2025-02-18 08:54