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Argentinian president backs away from LIBRA memecoin after 90% crash
Milei deleted his promotional post after the $LIBRA memecoin crashed by 90%. Insiders cashed out $87M from $LIBRA just a few hours post-launch.
Argentinian President Javier Milei is now distancing himself from the catastrophic launch of the Solana-based memecoin $LIBRA, which saw its market cap collapse from $4.5 billion to just $200 million within hours. At 5:01 PM ET, Milei’s account announced $LIBRA, stating it was a “private project” aimed at boosting Argentina’s economy by funding small businesses. Within three hours, on-chain analytics firm Bubblemaps identified that insiders had cashed out $87.4 million, with 82% of the token’s supply concentrated in a single cluster.
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