Milei’s Meme Coin Crashes 89% After $107 Million Rug Pull
Argentine President Javier Milei initially promoted the Solana-based meme coin LIBRA on X, causing a rapid surge to a $4.5 billion market cap. However, following concerns about the project’s legitimacy and potential pump-and-dump scheme, the coin plummeted by over 96%, reaching a market cap of just $167 million. Milei later deleted his promotional post, claiming unawareness of the project’s details. On-chain analysis revealed several red flags, including a single wallet controlling a large portion of the supply and developers allegedly removing liquidity, exacerbating the price drop.
John Q. Hosedrinker