Argentina’s President Endorses New Crypto, But Price Crashes 90%

Argentina’s president, Javier Milei, brought major attention to the LIBRA token, propelling it to the forefront of the cryptocurrency world.

Initially, it seemed like a groundbreaking project aimed at boosting Argentina’s economy, especially for smaller businesses and startups. However, what followed was a dramatic fall from grace, as the token’s price plummeted by 90%, leading to a series of devastating losses for investors.

LIBRA was part of the Viva La Libertad Project, a financial initiative endorsed by Milei with the promise of economic growth. His public backing quickly caused a massive surge in the token’s value—rising by 3000% to a peak of $4.5.

The coin’s market capitalization soared to $4.5 billion, drawing global interest. It even gained popularity akin to meme coins like TRUMP and MELANIA. But the excitement was short-lived.

The first signs of trouble appeared when blockchain analysis revealed that a handful of insiders controlled 82% of the LIBRA supply.

READ MORE:

Analyst Predicts XRP Surge to $5 – Is a New All-Time High on the Horizon?

Shortly after, the project’s team withdrew $87 million from liquidity pools, triggering the crash. The situation worsened when insiders began cashing out, securing $107 million in profits, leaving the average investor to bear the brunt of the losses.

Now, LIBRA trades at a mere fraction of its peak value—$0.2236, reflecting a staggering 90% decline. Despite its current market cap of $221.3 million, the fall has deeply impacted investor trust, leaving many questioning the viability of trending tokens in the crypto space.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.