#MileiMemeCoinControversy

Another head of state promoted a meme coin, only this time it went very, very badly.

Why it matters: There's been a lot of talk about why the Official Trump meme coin could be bad, but the Argentinian experiment did go bad, in less than a weekend.

Catch up fast: Friday evening, Javier Milei announced a Solana token with a tweet. The token was called LIBRA. It exploded in value, getting up to over $4 billion in market cap.

(Market cap being the value of all the tokens in existence — an especially fuzzy measure in the blockchain world.)

Not long after, it crashed over 90% in value, following a massive sale of the token, apparently by insiders (what has the look of a rug pull to many).

The next day, Milei deleted the original tweet. He wrote another saying that he was just promoting a private venture and he had nothing to do with it.