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🚨LIBRA … Rugpull?🚨
The #JavierMilei en X account promoted a Solana token, $LIBRA, early this morning in Spanish time or late at night in LATAM time.
According to the shitcoin's official website, LIBRA aims to "boost the Argentine economy."
Milei deleted the post promoting the LIBRA token. Accounts linked to LIBRA developers earned more than $80 million with what appears to be a rug-pull.
It seems that presidential tokens are causing millionaire losses to the followers of the #memecoins , we need the utility season now!
Be careful and don't lose your #bitcoin and the rest of the #Criptomonedas because of these scams!
The #JavierMilei en X account promoted a Solana token, $LIBRA, early this morning in Spanish time or late at night in LATAM time.
According to the shitcoin's official website, LIBRA aims to "boost the Argentine economy."
Milei deleted the post promoting the LIBRA token. Accounts linked to LIBRA developers earned more than $80 million with what appears to be a rug-pull.
It seems that presidential tokens are causing millionaire losses to the followers of the #memecoins , we need the utility season now!
Be careful and don't lose your #bitcoin and the rest of the #Criptomonedas because of these scams!
The meme coin fiasco #libra destroyed 251 million dollars of investor wealth
Blockchain data tracked by Nansen shows that 86% of traders lost money, totaling 251 million dollars.
The LIBRA memecoin scandal that shook Argentina over the weekend destroyed millions of dollars in investor wealth, according to an investigation by Nansen.
On-chain data tracked by Nansen shows that 86% of traders lost a total of 251 million dollars, while the winners only made 180 million dollars in profits. In other words, it was an event with "negative net wealth generation" that potentially absorbed market liquidity.
The episode is a stark reminder that tokens associated with political figures can be as risky as random memecoins and celebrity cryptocurrencies when it comes to generating or destroying fortunes in a matter of minutes.
LIBRA debuted on Meteora, a decentralized exchange based on Solana, last Friday and quickly rose to a market capitalization of over $ 4.5 billion after Argentina's president, #JavierMilei , said on X that the project backing the coin "would focus on encouraging the growth of the Argentine economy, financing small businesses and Argentine ventures."
More than 40,000 cryptocurrency addresses piled into the token, driving a price increase. However, the bullish enthusiasm was short-lived. The bubble burst when insiders dumped massive amounts of tokens, sinking the market capitalization by 90%.
"70% of the wallets that traded $LIBRA from February 16 to 18 ended up with realized losses, as many likely tried to capitalize on Javier Milei's additional retweet," said Nansen.
Blockchain data tracked by Nansen shows that 86% of traders lost money, totaling 251 million dollars.
The LIBRA memecoin scandal that shook Argentina over the weekend destroyed millions of dollars in investor wealth, according to an investigation by Nansen.
On-chain data tracked by Nansen shows that 86% of traders lost a total of 251 million dollars, while the winners only made 180 million dollars in profits. In other words, it was an event with "negative net wealth generation" that potentially absorbed market liquidity.
The episode is a stark reminder that tokens associated with political figures can be as risky as random memecoins and celebrity cryptocurrencies when it comes to generating or destroying fortunes in a matter of minutes.
LIBRA debuted on Meteora, a decentralized exchange based on Solana, last Friday and quickly rose to a market capitalization of over $ 4.5 billion after Argentina's president, #JavierMilei , said on X that the project backing the coin "would focus on encouraging the growth of the Argentine economy, financing small businesses and Argentine ventures."
More than 40,000 cryptocurrency addresses piled into the token, driving a price increase. However, the bullish enthusiasm was short-lived. The bubble burst when insiders dumped massive amounts of tokens, sinking the market capitalization by 90%.
"70% of the wallets that traded $LIBRA from February 16 to 18 ended up with realized losses, as many likely tried to capitalize on Javier Milei's additional retweet," said Nansen.
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