The President Javier Milei of Argentina launches Solana Meme Coin – Libra crashes 89%

The X account of the President Javier Milei of Argentina promoted a Solana -Meme -Munt called Libra at the end of Friday. Traders initially stacked to buy the currency, which rose to a market capitalization of around $ 4.5 billion but in the midst of growing doubts about the legitimacy of the launch and whether it was a pump and dump scam, is the price Since then plummeted.

Libra has fallen by around 89%, because it peaked only a few hours earlier after it was announced on X (formerly Twitter). Data from the Crypto analysis platform Dexscreener showed that after the launch, after the launch, a price of $ 4.50 reached, but since then it has been crashed to just $ 0.50. Token has yielded around $ 1.1 billion in trade volume within a few hours.

According to the website of the Viva La Libertad project, the aim of the Meme Coin Initiative is to stimulate the Argentinian economy by finance small projects and local companies.

“This private project will be dedicated to encouraging the growth of the Argentinian economy by financing small Argentinian companies and startups,” is a message that is placed on the Milei account (as translated by X). “The world wants to invest in Argentina.”

The episode recalled the surprise lancering of the Trump -Token of US President Donald Trump in January, just a few days before his inauguration. As with that earlier launch, Meme Coin traders flocked together to buy in scales when it started to rise many people to arouse whether it was a legitimate launch, or whether the leader’s account might have been hijacked.

Trump’s coin was ultimately legitimate, and Bloomberg Línea reports that Milei has confirmed to the publication that he has really shared the launch of the scales -although he emphasized that it is not are Meme Coin.

Many traders threw their participations, while analysts in chains were about the launch. Chain analysis of the chain analysis company noted various potential red flags with regard to the token launch, including receiving his first financing from SOL from an immediate Swap service, plus a large part of the stock that is controlled by a single wallet.

“The address that the token has made and the address with a large part of the scales stock also seems to be controlled by a few private keys, instead of multi-signature setups that occur more often from established token launches,” Chainalysis wrote.

Bubblemaps, a startup for data visualization in chains, claimed that the team cashed in behind Libra and accelerates its price decrease in the past hours.

“They already earned $ 87 million by removing USDC and Sol from liquidity pools,” wrote Bubblemaps on X. “Libra has fallen by 85% because the developers have absorbed $ 87 million in purchasing pressure in their pockets. $ 500 million more to go. “

Editors’ note: This story was updated after publication to record BloombergThe confirmation of President Milei and more current data.