# MileiMemeCoinControversyConflicting Narratives**: Davis blamed Milei for withdrawing support and claimed the funds were meant to stabilize LIBRA. However, he struggled to justify the $100 million under his control, suggesting it “belongs to Argentina”.

- **KIP Protocol’s Denial**: KIP Protocol, linked to Davis by Milei’s office, denied involvement in LIBRA’s launch, stating Davis was neither an employee nor a partner.

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### **5. Market and Political Ramifications**

- **Crypto Market Impact**: The crash triggered a 5% drop in Solana’s memecoin market cap and affected politically linked tokens like TRUMP.

- **Milei’s Credibility at Risk**: Despite stable approval ratings (~47%), the scandal has reignited concerns about his erratic decision-making. Analysts warn it could undermine Argentina’s economic recovery efforts.

- **Global Reactions**: Crypto leaders condemned the incident as a “moral failure,” while regulators highlighted the need for stricter oversight.