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#Weekend Market Analysis#
From Memcoin Scam to Argentina's President Impeachment, What's Wrong with the $LIBRA Token?
- President Javier Miley has backed the LIBRA memcoin, which has crashed 99% since its launch.
- Analysts believe the project was an insider trading scam that saw its creators siphon off more than $107 million.
- The opposition is demanding the impeachment of the president, and he himself has initiated an anti-corruption investigation.
On February 14, 2025, Argentine President Javier Miley announced the launch of the LIBRA memcoin on the Solana network. On his account on the X social network (former Twitter), he called for support for the project, stating that it should contribute to the development of private business in the country. After that, the value of the coin increased sharply, and its capitalization reached $4.5 billion.
However, a few hours after the launch, the token's price plummeted by 99%. At its peak, its price reached $4.5, but then fell to $0.23, according to DEX Screnner.