LIBRA Meme Coin Crashes 42.7%: Argentina’s Milei Faces Backlash

LIBRA, a meme coin supported by Argentinian president Javier Gerardo Milei, has experienced a sharp drop of 42.7% in the last seven days. An on-chain data by Nansen, a leading on-chain analytics platform, shows that a significant number of traders have suffered huge losses. Though Milei has deleted the post published in support of the meme coin, the opposition has demanded the initiation of the impeachment procedure against the president, terming the action of the leader of the country as an international embarrassment. 

LIBRA Meme coin’s Rapid Rise and Fall 

At one point, the market cap of LIBRA touched as high as $4.5 billion. Notably, it happened shortly after President Milei published an X post supporting the meme coin. Milei originally projected the project backing the meme coin as the one that would support the growth of the Argentinian economy and business landscape. It was the primary reason why the coin received unusual attention from the crypto community. Reports indicate as many as 40,000 crypto traders jumped into the market during this stage. 

However, the market cap of the token dropped sharply by over 90%, when insiders offloaded huge numbers of tokens, as per reports.  

By the time Milei realised his huge mistake and deleted his message from X, traders suffered huge losses. 

According to the Nansen data, at least 70% of wallets trading the LIBRA meme coin token from February 16 to 18 suffered huge losses. 

Reports show that on February 18 the number of token holders declined from 50,000 to 35,770. 

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Dark Reality of Political and Celebrity-Backed Meme Coins 

The LIBRA meme coin scandal serves as a cautionary tale about political and celebrity-backed meme coins. Investors, regulators, and governments must be wary of such hype-driven projects to avoid massive financial losses.     

LIBRA Market Overview 

The current market cap of LIBRA stands at $439,032 and its 24-hour trading volume at $154,858. In the last 30 days, the market has seen a drop of 65.1%. The price of LIBRA has declined by nearly 44.2% in the last 24 hours alone. As of now, the LIBRA price stands at $0.0004564.