Javier Milei Backtracks on $4.4B Memecoin After ‘Insiders’ Pocket $87M

Argentina’s president Javier Milei has backtracked on a tweet selling a memecoin known as Libra, which rose to a $4.4 billion market cap earlier than plunging by greater than 95%.

In a now-deleted tweet, Milei initially wrote: “This can be a non-public undertaking devoted to encouraging the expansion of the Argentine economic system,” together with a Solana contract tackle linked to the Libra token.

Libra rose by greater than 2,000% in a 40-minute span following the tweet, solely to tumble quickly as a gaggle of early holders started to money out.

X account KobeissiLetter shared a collection of BubbleMaps screenshots displaying that alleged “insiders” liquidate tokens by including one-sided liquidity swimming pools on Metora with solely Libra, permitting them to take away SOL and stablecoins.

Buying and selling quantity for Libra hit $1.1 billion after launch, though it appeared that purchases and gross sales have been skewed; there have been 74,500 particular person purchase orders and 28,900 gross sales – indicating that bigger promote orders flattened the flurry of retail exercise.

Milei later addressed the botched memecoin on X, stating that he “was not conscious of the main points of the undertaking.”

“A couple of hours in the past I posted a tweet, as I’ve so many different occasions, supporting a supposed non-public enterprise with which I clearly don’t have any connection by any means,” Milei wrote. “I used to be not conscious of the main points of the undertaking and after having turn into conscious of it I made a decision to not proceed spreading the phrase (that’s the reason I deleted the tweet).”

The sell-off in Libra rippled throughout the broader memecoin market, with TRUMP dropping $500 million from its market cap, in keeping with market information, in a 30-minute interval after Libra started to tumble.