JAVIER MILEI BACKTRACKS ON $4.4B MEMECOIN AFTER 'INSIDERS' POCKET $87M
In a now-deleted tweet, president of Argentina Javier Milei endorsed the LIBRA memecoin, a private project dedicated to encouraging the growth of the Argentine economy. The token reached a $4.4 billion market cap before crashing 95%. Onchain data analysis revealed alleged insider trading activity through manipulated liquidity pools and block 0 purchases, with “insiders” reportedly extracting $87 million as retail investors poured $1.1 billion into the token through nearly 75,000 buy orders. The incident's fallout caused a contagion effect in the broader memecoin market, with the TRUMP token falling by $500 million within 30 minutes of Libra's collapse.