#MileiMemeCoinControversy The cryptocurrency community is currently abuzz with the #MileiMemeCoinControversy, centering on the $LIBRA token promoted by Argentine President Javier Milei. On February 14, 2025, President Milei endorsed $LIBRA, a Solana-based token, aiming to stimulate Argentina's economy by supporting small businesses and ventures. Following his endorsement, $LIBRA's market capitalization soared to $4.56 billion.

Cointelegraph

However, the token's value plummeted by 94% after President Milei deleted his promotional post, leading to significant losses for investors. This rapid decline has raised concerns about potential market manipulation and the integrity of such endorsements.

Cointelegraph

In response to the controversy, President Milei has stated that he did not promote $LIBRA but merely "spread the word." He acknowledged the need for better judgment in such matters and emphasized that the state plays no role in the incident.

Cointelegraph

The incident has sparked political debates in Argentina, with opposition politicians calling for an impeachment trial against President Milei. The country's stock market also experienced a significant dip, with the S&P Merval index dropping over 5% following the controversy.

Benzinga

This situation underscores the critical importance of due diligence and transparency in cryptocurrency promotions. As the industry continues to evolve, it is essential for both influencers and investors to exercise caution and prioritize informed decision-making to maintain the integrity of the crypto market.