#MileiMemeCoinControversy

However, the rally was short-lived. The meme coin had no tokenomics; its website was created just hours before launch, and over $87 million was withdrawn in the first three hours.

The token’s value collapsed shortly after, suggesting a classic pump-and-dump scheme.

“Within minutes of launch, many large holders began liquidating millions of dollars worth of LIBRA. This included profits of over $4 million as LIBRA rose to a $4.6 billion market cap. After peaking at 5:40 PM ET, the coin’s price fell in a straight line,” The Kobeissi Letter wrote.

This led to mounting criticism, prompting Milei to delete his post and attempt to retract it. The president claimed that he did not understand the project well enough.

He also later clarified that, after further investigation, he chose to stop promoting it.

His public endorsement caused the token's value to briefly rise before plummeting, leading to accusations of misconduct and potential legal violations.