# MileiMemeCoinControvers#MileiMemeCoinControversyPresident Milei promoted the Solana-based LIBRA coin on his X (formerly Twitter) account.

* In a post that was later deleted, Milei claimed that the project aims to stimulate the Argentine economy by funding local small startups.

* This promotion caused Argentina’s S&P Merval index, which tracks the performance of the country’s largest companies, to fall.

* The index has since rebounded slightly, but remains below its pre-promotion value.

Reactions:

* The promotion was met with mixed reactions, with some criticizing Milei for promoting the meme coin.

* Others defended his right to support projects that he believes will benefit the Argentine economy.

Additional information:

* Meme coins are digital currencies that are often associated with memes or internet jokes.