Ah, the Libra (LIBRA) token, that shimmering mirage of digital currency, endorsed by none other than the flamboyant Argentine President Javier Milei! It was the talk of the memecoin town, whispered about in hushed tones and knowing glances, as if it were a scandalous secret shared over a glass of Malbec. Two weeks prior to its meteoric rise and subsequent plummet, insiders were already in the know, according to the ever-so-reliable Jupiter Exchange.
But lo and behold! The token’s collapse was akin to a piñata bursting at a child’s birthday party—except this time, the candy was $107 million in liquidity, hastily snatched by eight insider wallets, leading to a staggering $4 billion market cap wipeout in mere hours. 🎉💔
As if the plot thickened like a fine Argentine stew, it was revealed that some members of the decentralized exchange Jupiter had been privy to the token’s imminent launch weeks before it graced the market. An “open secret in memecoin circles,” they declared in a Feb. 16 X post, as if they were discussing the latest gossip from the royal court:
“We learned of this ~2 weeks ago directly from Kelsier Ventures. While we were initially unsure, we then saw credible evidence in the form of public tweets from Milei’s personal account that he was serious.”
“We were completely unaware of the dealings between the principals, in this case Milei and the market makers, and were not involved in it in any way, shape or form,” they added, with a wink and a nudge.
Now, while there’s no smoking gun pointing at the Jupiter Exchange members, on-chain transactions tell a tale of insider wallets cashing out just three hours post-launch, resulting in a catastrophic 94% decline. Talk about a dramatic exit! 🎭
Other blockchain data firms had waved their red flags before the inevitable meltdown. Bubblemaps, the oracle of tokenomics, warned that a staggering 82% of LIBRA’s supply was unlocked and ready to be sold from the get-go. A recipe for disaster, if ever there was one!
In a twist worthy of a telenovela, Milei has summoned the Anti-Corruption Office to investigate all government members, including himself, for potential misconduct. A true leader, indeed! According to a Feb. 16 X statement from Argentina’s presidential office, Oficina del Presidente, the drama unfolds.
With impeachment calls echoing from his political adversaries, Milei finds himself in a pickle after endorsing a cryptocurrency that morphed into a $100 million rug pull. 🍅
No evidence of insider trading among team members
In the aftermath of the $4 billion debacle, whispers of insider trading began to swirl among investors like a summer breeze. Jupiter Exchange, in a fit of transparency, conducted an internal investigation and proclaimed they found no evidence of insider activity among their team members. “If you have evidence of Jupiter employees leaking information or otherwise sniping, please reach out directly,” they stated, as if inviting the neighborhood gossip to tea.
“If we discover any team members acted on non-public information, we will take quick and decisive action,” they added, with a hint of bravado, before concluding:
“LIBRA was brutal. It was brutal for traders.”
Meanwhile, the retail investor appetite for celebrity-endorsed memecoins has been on the rise since US President Donald Trump launched his Official Trump (TRUMP) memecoin on Jan. 18, followed by First Lady Melania Trump’s Melania Meme (MELANIA) token on Jan. 19, just in time for his inauguration on Jan. 20. Timing is everything, isn’t it? ⏰
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2025-02-17 12:13