#MileiMemeCoinControversy According to the report, the upheaval in Argentina’s markets was sparked when President Javier Milei endorsed a Solana-based token called LIBRA on X on Friday. Milei, in a now-deleted post, claimed that the project aimed to stimulate the Argentine economy by funding local small businesses and startups.

However, following a surge in LIBRA’s market value to over $4 billion, it crashed by nearly 90% within hours of the launch. Blockchain tracking firms warned that a small number of wallets held most of the LIBRA token, a characteristic of a rug pull.

Milei pushed the Solana SOL/USD-based coin via X on Friday, tying it to a private initiative to aid small businesses and encourage investments in Argentina.

The coin's price shot up to $5 after the president's post, but within three hours, plunged to $1 apiece as insiders began cashing out.