Argentinian President Javier Milei shares $LIBRA scam coin on X, $4.4 billion erased from the market

Source Cryptopolitan

Earlier today, Argentinian President Javier Milei shared a meme coin called $LIBRA on his X account, stating that it’s a private project dedicated to the growth of the Argentine economy. Within 5 hours, the project erased $4.4 billion from the market.

In a since-deleted X post, Javier Milei mentioned that the project aims to “fund small Argentine businesses and startups.”

Argentinian President Javier Milei shares $LIBRA scam coin on X, $4.4 billion erased from the market
Source: The Kobeissi Letter

Traders were concerned about the project’s authenticity during the first hour of its launch. However, The Kobeissi Letter mentioned on X that multiple Argentinian politicians posted the news of the launch, hence confirming that the president’s account is not hacked or compromised.

The project website, however, seemed off. It linked to a Google Form for funding applications, which is unusual for a project of such scale. The domain was apparently registered for one year only and created just hours before the project’s launch.

Minutes into the launch, large holders of the coin started liquidating $LIBRA worth millions of dollars, resulting in gains of over $4 million as the coin topped $4.6 billion in market cap. It then dipped down in a straight line after marking a top at 5:40 PM ET.

The coin crashed within 3 hours of the launch. Bubblemaps data shows that within the first 3 hours, insiders cashed out $87.4 million of the project by removing the liquidity.

In a more recent X post, Javier Milei stated that he was not aware of the project’s details. He deleted his earlier post about the coin to avoid spreading the word.

Argentinian President Javier Milei shares $LIBRA scam coin on X, $4.4 billion erased from the market
Source: DexScreener

At the time of this writing, $LIBRA sits at a market cap of $162.0 million after erasing $4.4 billion from the market. The effects of this scam coin were also seen in $TRUMP, which fell sharply and lost over $500 million in market cap.

Cryptopolitan Academy: How to Write a Web3 Resume That Lands Interviews - FREE Cheat Sheet

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Lilly, Novo Nordisk Shares Plummet as Trump Announces Price Cut to OzempicOn Thursday, shares of Eli Lilly and Novo Nordisk fell sharply in after-hours trading after President Donald Trump announced a significant price reduction for the diabetes drug Ozempic.
Author  TradingKey
11 hours ago
On Thursday, shares of Eli Lilly and Novo Nordisk fell sharply in after-hours trading after President Donald Trump announced a significant price reduction for the diabetes drug Ozempic.
placeholder
WTI slumps to near $56.50 as Trump and Putin summit loomsWest Texas Intermediate (WTI), the US crude oil benchmark, is trading around $56.50 during the early European trading hours on Friday.
Author  FXStreet
11 hours ago
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $56.50 during the early European trading hours on Friday.
placeholder
Are European Stocks Peaking? SocGen,Citi Turn Bearish on Q4, U.S. Regional Bank Crisis Adds New RiskA series of bad loan incidents in the U.S. are catalyzing a credit crisis in the banking sector, and these concerns are now spreading to Europe’s top-performing bank stocks this year.
Author  TradingKey
12 hours ago
A series of bad loan incidents in the U.S. are catalyzing a credit crisis in the banking sector, and these concerns are now spreading to Europe’s top-performing bank stocks this year.
placeholder
Gold-backed PAXG hits record volumes, trades at premium to spotPAXG traded at a premium on Binance, based on an anomalous price spike above $5,000, which liquidated short positions.
Author  Cryptopolitan
12 hours ago
PAXG traded at a premium on Binance, based on an anomalous price spike above $5,000, which liquidated short positions.
placeholder
Meme Coins Price Prediction: Dogecoin, Shiba Inu, Pepe flash bearish potential Meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are at risk of steeper corrections as the broader cryptocurrency market weakens.
Author  FXStreet
12 hours ago
Meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are at risk of steeper corrections as the broader cryptocurrency market weakens.
goTop
quote