The Breakdown The Memecoin That Might Take Down a President
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Feb 19, 2025 An outrageous tale unfolds around the $LIBRA meme coin and Argentina's president. Witness the swift rise and shocking fall of a cryptocurrency that sparked political chaos and investor disillusionment. Hear about rampant insider trading and the eerie normalization of unethical practices in crypto markets. As skepticism looms over meme coins, experts discuss potential shifts toward more stable investments, leaving listeners questioning the future of Bitcoin and the industry at large.
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Presidential Meme Coin Plunge
- Argentinian President Javier Milei launched a Solana meme coin called Libra, which quickly soared to a $4.5 billion market cap.
- The coin crashed 90% within two hours, prompting Milei to delete his promotional tweet and deny involvement.
Insider Trading Allegations
- On-chain analysis revealed that over 82% of Libra's supply was held by insiders and fully unlocked for sale at launch.
- Insiders cashed out $107 million, demonstrating an extractive launch with little precedent for its speed.
Portnoy's Involvement and Refund
- Dave Portnoy promoted the Libra coin and claims to have lost money after buying in after Milei's tweet.
- He was later refunded $5 million from the project, a move that raised eyebrows given his influencer status.