Argentina’s President Javier Milei Launches Solana Meme Coin—LIBRA Crashes 89%
LIBRA continued to plunge following the move, and now sits at a market cap of just $167 million—a 96% plunge from the peak.
PREVIOUS: The X account of Argentina's President Javier Milei promoted a Solana meme coin called LIBRA late Friday. Traders initially piled in to purchase the coin, which surged to a market cap of about $4.5 billion—but amid growing doubts over the legitimacy of the launch and whether it was a pump-and-dump scam, the price has since plummeted.
LIBRA has plunged by about 89% since it peaked just hours earlier after it was announced on X (formerly Twitter). Data from crypto analytics platform DexScreener showed that LIBRA reached a price of $4.50 after launching, but has since crashed to just $0.50. The token has racked up about $1.1 billion in trading volume in a matter of a few hours.
According to the website of the Viva La Libertad Project, the aim of the meme coin initiative is to boost the Argentine economy by funding small projects and local businesses.
