#MileiMemeCoinControversy

✅✅Argentine President Javier Milei is embroiled in a significant controversy following his promotion of the cryptocurrency $LIBRA, which experienced a rapid surge and subsequent collapse in value. On February 14, Milei endorsed $LIBRA via his X (formerly Twitter) account, leading to a market capitalization spike to approximately $4.5 billion. However, the token's value plummeted by 94% shortly after, as insiders reportedly withdrew $107 million in liquidity, erasing $4 billion in market cap just hours after launch.

💯💯In response to the backlash, Milei deleted his promotional post and denied any formal association with the project, stating he lacked detailed knowledge about it. Despite his attempts to distance himself, the incident has led to legal challenges, including a federal investigation and calls for his impeachment. The scandal has also negatively impacted Argentina's financial markets, with the S&P Merval index dropping nearly 4% following the event.👇

🚨Further complicating matters, Hayden Mark Davis, identified as an advisor to Milei on cryptocurrency, claimed to be holding $100 million from the $LIBRA project and expressed uncertainty about how to manage the funds. 👇👇

🔎Additionally, Ben Chow, co-founder of Meteora, resigned amid the controversy, although he denied involvement in the development or launch of $LIBRA. 👇

🔥This incident has sparked a broader debate about the risks associated with politically affiliated meme coins, highlighting the potential for market manipulation and significant investor losses.👇👇

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