Ah, the KIP Protocol! A Web3 company that fancies itself as the architect of AI payment infrastructure, has recently let slip that it was involved in the Libertad project, a rather ambitious venture endorsed by none other than Argentine President Javier Milei on X. This project, featuring the LIBRA token, took a nosedive of over 95% faster than you can say “financial disaster!” 💸
In a rather entertaining X space on February 15, Julian Peh, the CEO and co-founder of KIP Protocol, declared that they were merely the tech consultancy hired to sprinkle some fairy dust on the project funds destined for local businesses in Argentina. They did not, I repeat, did not create the token itself. How very noble of them! 🙄
Mr. Peh also insisted that KIP Protocol was not acting as a market maker for the token and, shockingly, did not profit from selling it. One wonders if he was wearing a monocle while making these claims. Alas, he offered no further details on the other entities involved in this grand token launch. A mystery wrapped in an enigma, if you will!
In a separate social media post, Peh assured the world that the company still intends to run Project Libertad and support businesses in the South American country, as promised. Because nothing says “trust me” quite like a project that just lost 95% of its value! 😅
Libra, the token in question, managed to attract investor attention after a now-deleted post from President Milei, which was pinned to his X page for several hours, touted the project as a veritable growth engine for small businesses and startups in Argentina. Talk about a rollercoaster ride! 🎢
Analysts Raise Serious Concerns About Viva La Libertad Project
Initially, investors were in a tizzy, fearing a social media hack following President Milei’s enthusiastic endorsement of the token. However, the project gained a smidgen of legitimacy in the eyes of market participants after being reposted by other Argentine politicians. Because if it’s on social media, it must be true, right? 🤔
But wait! President Milei later retracted his support for Viva La Libertad, distancing himself from the token launch, claiming he was blissfully unaware of the project. A classic case of “I didn’t sign up for this!”
According to The Kobeissi Letter, a popular market analysis firm, the project’s website links to a simple Google Form for businesses to apply for funding. Yes, you heard that right! A Google Form! How very 21st century! 📄
Moreover, the financial newsletter discovered that the project’s website domain was created mere hours before the token launch and was registered for a one-year period. One can’t help but wonder, was this project literally created overnight? The suspense is palpable! 😲
Data from Bubblemaps reveals that a staggering 50% of the token’s supply is currently held in a single wallet. Talk about putting all your eggs in one basket! 🥚
The on-chain analytics firm warned users that at least 82% of the token’s supply was unlocked and could be sold at any moment. A ticking time bomb, if you will! 💣
Bubblemaps also noted that this situation differs from the launch of the TRUMP memecoin, where portions of TRUMP’s token supply are locked for a specified period. Because, of course, that’s the gold standard for token launches! 🏅
Despite the lock-up period, the token launch from the President of the United States drew legal and political scrutiny from critics who argue that the tokens are merely an avenue for bribery. Ah, politics and finance, a match made in heaven! 😈
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2025-02-15 20:33