Memecoin Controversy: Milei’s $4.4B Reversal

Javier Milei Retracts Support for Libra Memecoin After Market Crash

• Argentina’s president Javier Milei promoted the memecoin Libra, which briefly reached a $4.4 billion market cap.
• The coin’s value fell by over 95% after early holders began cashing out.
• Libra’s trading volume hit $1.1 billion, with 74,500 buy orders and 28,900 sales.
• Milei deleted his tweet supporting Libra, claiming no connection to the project.
• The crash affected other memecoins, with TRUMP losing $500 million in market cap.

Following a tweet by Argentina’s president Javier Milei, the memecoin Libra surged to a $4.4 billion market cap but quickly plummeted over 95% as early investors sold off their holdings. Milei later retracted his support, stating he was unaware of the project’s details.