Well now, gather ’round, folks, for I have a tale that would make even the most stoic of souls chuckle. It appears that the fine investors of the Libra memecoin, in their quest for riches, have found themselves in a bit of a pickle, losing a staggering $251 million in what can only be described as a classic pump and dump scheme. Who knew that chasing after digital coins could lead to such a financial fiasco? 🤦♂️
According to the astute folks at Nansen, a blockchain research firm, out of 15,430 wallets that decided to sell their precious LIBRA tokens, a whopping 86% of them ended up selling at a loss. That’s right, over $251 million vanished into thin air, like a magician’s rabbit! 🎩✨
Now, on the other side of the coin—pun intended—there were 2,101 wallets that managed to walk away with a tidy sum of about $180 million in realized gains. Nansen, in their report dated February 19, noted that while the insiders were cashing in their chips, the retail investors were left holding the bag, or should I say, the empty wallet. 👜💔
It seems that around 1,478 poor souls saw losses ranging from $1,000 to $10,000, totaling a disheartening $4.8 million. And if that wasn’t enough, over 2,800 wallets lost between $10,000 and $100,000, racking up a staggering $82.4 million in losses. Another 392 wallets lost between $100,000 and $1 million, with losses totaling approximately $96.5 million. And let’s not forget the 23 wallets that lost more than $1 million, combining for a grand total of $40.9 million in losses. Talk about a rough day at the office! 😬
Nansen also pointed out that the “worst” 15 addresses accounted for losses totaling $33.7 million, with one wallet still clutching onto 57% of its initial balance like a child with a favorite toy. And in a twist that could only be scripted by fate, the steepest realized loss came from none other than Barstool founder Dave Portnoy, who lost a cool $6.3 million. He was one of the insiders but returned 6 million LIBRA tokens, which he had received as payment for promoting this memecoin madness. Oh, the irony! 😂
Another Class-Action Lawsuit
Now, if you thought this saga couldn’t get any juicier, hold onto your hats! Burwick Law, the firm currently suing the creators of Pump.fun and the Hawk Tuah (HAWK) memecoin, is already in touch with hundreds of clients who lost their hard-earned cash in this LIBRA debacle. They’re exploring legal options faster than a cat on a hot tin roof! 🐱🔥
“Our priority is advocating for those affected and helping them explore potential avenues for financial recovery,” they declared on February 17. Meanwhile, the masterminds behind LIBRA’s launch, Kelsier Ventures CEO Hayden Davis and KIP Protocol CEO Julian Peh, are basking in the glory of their $100 million windfall. But Davis claims he doesn’t own the tokens directly and won’t be selling them. How convenient! 🙄
And let’s not forget the political drama! Milei, the Argentine President, has distanced himself from the memecoin, insisting he didn’t “promote” it—oh no, he merely “spread the word.” Meanwhile, the opposition party is calling for his impeachment. It’s a real circus, folks! 🎪
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2025-02-20 04:15