In a most unfortunate twist of fate, the launch of Libra (LIBRA), a cryptocurrency that bore the illustrious endorsement of Argentine President Javier Milei, metamorphosed into a veritable financial farce. Insiders, those crafty puppeteers, orchestrated a grand exit, cashing out a staggering $107 million, thereby obliterating nearly 94% of the token’s value in mere hours. Bravo! 👏
According to the astute analysts at Lookonchain, a cadre of at least eight wallets, intimately linked to the Libra team, siphoned liquidity with the finesse of a magician pulling a rabbit from a hat. They pocketed a delightful 57.6 million USD Coin (USDC) and 249,671 Solana (SOL), worth a jaw-dropping $49.7 million:
“The $LIBRA team has cashed out $107M! 8 wallets related to the $LIBRA team have obtained 57.6M $USDC and 249,671 $SOL($49.7M) by adding liquidity, removing liquidity and claiming fees.”
In a fleeting moment of glory, the Libra token soared to a peak market capitalization of $4.56 billion at 10:30 PM UTC on February 14, only to plummet over 94% to a paltry $257 million market cap in a mere 11 hours post-debut on decentralized exchanges, as chronicled by the ever-watchful Dexscreener.
The token’s meteoric rise was ignited by a now-deleted post from President Milei, who, in a moment of digital exuberance, shared a website and token contract address for Libra, touting it as a “private project” aimed at “encouraging the growth of the Argentine economy.” How noble! 🙄
However, as the dust settled post-collapse, Milei hastily deleted his endorsement, later issuing a statement on X, directing his ire towards political adversaries:
“To the filthy rats of the political caste who want to take advantage of this situation to do harm, I want to say that every day they confirm how vile politicians are, and they increase our conviction to kick them in the ass.”
Meanwhile, the appetite for celebrity-endorsed memecoins among retail investors has been stoked since US President Donald Trump launched his Official Trump (TRUMP) memecoin on January 18, followed by First Lady Melania Trump’s Melania Meme (MELANIA) token on January 19, just in time for his inauguration on January 20. What a coincidence! 🎉
LIBRA: A $4 Billion Vanishing Act! 🎩✨
Insider wallets, those sly foxes, began cashing out on the token a mere three hours after its trading debut, triggering its catastrophic 94% decline, as revealed by the Kobeissi Letter. Talk about a quick buck!
Other blockchain data firms had already sounded the alarm about the project’s tokenomics before the grand meltdown. Bubblemaps, the vigilant watchdog, had warned of LIBRA’s flawed tokenomics, revealing that a staggering 82% of the supply was unlocked and ready for sale from the get-go. A recipe for disaster! 🍽️
Moreover, the project shared no preliminary information about its tokenomics, a glaring red flag waving in the wind among crypto traders. Yet, some of the most astute crypto traders manage to navigate the tempest
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2025-02-15 14:19