LIBRA Meme Coin Crashes 42.7% Amid Milei Controversy – Traders Lose Millions!

LIBRA, a meme coin backed by Argentine President Javier Gerardo Milei, has crashed 42.7% in the past week. On-chain data from analytics firm Nansen shows that many traders have suffered major losses. Milei has since deleted his post endorsing the meme coin, but the backlash continues.

The opposition is now calling for his impeachment, calling the incident an international embarrassment.

LIBRA Memecoin – What Went Wrong?

At its peak, LIBRA’s market cap hit $4.5 billion—shortly after Milei publicly supported it on X (formerly Twitter). He promoted the project as a way to boost Argentina’s economy, drawing massive attention from the crypto community. Reports show that around 40,000 traders jumped in during this period.

Insider Sell-Off Triggers Massive Price Crash

However, the surge didn’t last. Reports suggest that insiders dumped large amounts of LIBRA, causing the market cap to plunge by over 90%. By the time Milei realized the backlash and deleted his post, many traders had already suffered heavy losses.

Nansen data reveals that between February 16 and 18, at least 70% of wallets trading LIBRA were in the red. By February 18, the number of holders dropped from 50,000 to 35,770.

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The LIBRA incident is a reminder of the risks of meme coins backed by politicians or celebrities. Investors, regulators, and governments must be cautious to avoid falling into hype-driven projects that can lead to huge losses.

LIBRA Market Overview

As of now, LIBRA’s market cap stands at $439,032, with a 24-hour trading volume of $154,858. Over the past 30 days, the token has dropped 65.1%, including a sharp 44.2% decline in the last 24 hours. LIBRA is currently priced at $0.0004564.

Meme coins thrive on hype, but as LIBRA proves, not all hype turns into lasting success.