Argentina’s president Javier Milei has backtracked on a tweet promoting a memecoin called Libra, which rose to a $4.4 billion market cap before plunging by more than 95%.
In a now-deleted tweet, Milei initially wrote: “This is a private project dedicated to encouraging the growth of the Argentine economy,” along with a Solana contract address linked to the Libra token.
Libra rose by more than 2,000% in a 40-minute span following the tweet, only to tumble rapidly as a group of early holders began to cash out.
X account KobeissiLetter shared a series of BubbleMaps screenshots showing that alleged “insiders” liquidate tokens by adding one-sided liquidity pools on Metora with only Libra, allowing them to remove SOL and stablecoins.
Trading volume for Libra hit $1.1 billion after launch, although it appeared that purchases and sales were skewed; there were 74,500 individual buy orders and 28,900 sales – indicating that larger sell orders…
