Recent controversies surrounding the Memecoin Libra (LIBRA), tweeted by Argentine President Javier Milei on February 14, have stirred up a lot of debate. The token, built on the Solana platform, initially reached a market value of $4.5 billion with a sharp growth but plummeted over 80% just a few hours later. At its peak price, domestic individuals liquidated their assets and earned nearly $100 million. The downfall of Memecoin Libra was mainly due to rapid token sell-offs by domestic individuals resulting in heavy losses for many investors. Following this event, Milei deleted his initial tweet and withdrew his support for the project, turning it into a political crisis. This incident raised discussions about his impeachment and created uncertainty in the Argentine stock market. Subsequently, information surfaced indicating that a key figure behind the Libra token had honored paying money to Carina Milei, Javier Milei’s sister, for promoting this Memecoin, resembling a kind of scam, shedding light on the risks associated with digital currency transactions and posing a serious threat to the overall credibility of the Memecoin domain. In this regard, the Toronto-based platform FRNT Financial stated that this incident signals market saturation for Memecoins and new innovations in this field, following projects like TRUMP and MELANIA, do not hold much appeal. Though the fate of Milei and other parties involved in recent events remains unclear, this incident shows that the drama of Memecoins, which has turned into a momentary profit and loss game, may reach a critical point. Overall, this crisis will be a major setback for the crypto space, especially Memecoins, with no suitable solution in sight to attract savvy users. On the page for real-time digital currency prices, you can view the prices of all tokens and cryptocurrencies live and in real-time.
