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.

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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