LIBRA Token Crash: What Went Wrong with Javier Milei’s Meme Coin?
LIBRA Token Crash – A recent analysis by Nansen Research has revealed that nearly all traders involved with the LIBRA token linked to Argentine President Javier Milei lost money. According to the on-chain data provided by Nansen, 86% of traders suffered a total loss of $251 million on the Solana-based LIBRA memecoin.
The Rise and Fall of LIBRA Token
The LIBRA token was minted on February 14, 2025, at 21:38 UTC, and just 23 minutes later, Milei tweeted about the project, creating immediate market interest. By 22:44 UTC, the token’s price spiked to $4.55, marking an astronomical rise within the first hour of its launch, but it soon plummeted, with the market cap crashing by 95%.
The price surge was short-lived, and by the end of the week, LIBRA’s market value dropped drastically, leaving many traders in the red. Milei attempted to distance himself from the project, claiming his intention was not to encourage people to buy the token but simply to raise awareness.
Profits and Losses in the LIBRA Token Fiasco
While the majority of traders lost significant amounts, Nansen Research reported that some traders managed to avoid losses, collectively profiting $180 million. The report also mentioned that 1,001 wallets still held the token, with unrealized losses of around $11 million. Notably, one of the most successful traders, described as a “sniper,” made a $6.5 million profit. This wallet was funded by a Bybit wallet and another external wallet, likely operated by a trading bot.
Legal Troubles for Milei
In the aftermath of the token’s collapse, Milei is now facing fraud charges regarding his involvement in promoting the memecoin. His role in raising awareness for LIBRA has raised questions and sparked criticism, as the volatile nature of the token caused significant financial losses for many involved.
This incident underscores the risks associated with memecoins and the volatility of the market, particularly when high-profile figures like Milei are involved in their promotion.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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