#MileiMemeCoinControversy

The recent controversy surrounding the LIBRA meme coin has highlighted the potential risks associated with politically affiliated cryptocurrencies. On February 14, 2025, Argentine President Javier Milei endorsed LIBRA, a Solana-based meme coin, through a post on X (formerly Twitter). This endorsement led to a rapid surge in the token's market capitalization, reaching approximately $4.5 billion within hours. However, concerns soon emerged regarding the legitimacy of the project. Analysts identified red flags, such as the concentration of 82% of the token supply in a few wallets and the project's website being created just hours before its launch. As scrutiny intensified, President Milei deleted his promotional post and clarified that he had no connection to the project, admitting a lack of due diligence prior to his initial endorsement. Following these events, LIBRA's price plummeted by over 90%, resulting in significant losses for investors. This incident underscores the importance of thorough research and caution when investing in meme coins, especially those linked to public figures or political entities.