#MileiMemeCoinControversy LIBRA, amid the fallout involving the President of Argentina, quickly became a trend, especially after he confirmed and shared instructions on how to buy the token. While this confirmation led to a sharp price increase, the subsequent fall of LIBRA also left the President facing legal issues.

Traders are skeptical about the sustainability of Solana-based memecoins, arguing that they could potentially be a scam or subject to significant price volatility. Some have also compared the market performance of these assets to Ethereum, with some social media users advocating a change in investment strategy.

The crypto scandal involving MELANIA and LIBRA has also sparked outrage in the investment community, as analysts from Bubblemaps revealed that both tokens were issued by the same group, raising concerns about possible fraud and insider trading.

Argentina’s President Javier Milei is currently facing jail time for the largest cryptocurrency “rug pull” in history, which was allegedly backed by the government. Max Koranteng, head of product at Lisk, announced that a class action lawsuit has been filed against President Milei, led by local lawyers and a former director of the Central Bank of Argentina. The case involves Solana’s promotion of the memecoin LIBRA, with on-chain data indicating that some insiders sold before President Milei deleted tweets promoting the token.