A memecoin called Libra, promoted by Argentina’s President Javier Milei, skyrocketed to a $4.4 billion market cap before plummeting by over 95%. Following Milei’s now-deleted tweet, Libra surged by more than 2,000% in just 40 minutes. However, the token’s value rapidly declined as early holders cashed out, leading to a $4.5 billion loss in retail capital within seven hours. Trading volume hit $1.1 billion, with 74,500 buy orders and 28,900 sales, indicating a significant skew towards larger sell orders. The fallout from Libra’s collapse also affected other memecoins, with TRUMP losing $500 million in market cap in just 30 minutes. Milei later admitted he was unaware of the project’s details before promoting it, leading to his decision to delete the tweet.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
