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Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M

Milei deleted his original promotional tweet and revealed that he wasn't aware of its details.

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 plunging by more than 95%. In a now-deleted tweet, Milei initially 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. "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.

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