Argentina’s President Javier Milei endorsed the crypto coin named LIBRA. Initially, LIBRA surged by 89%, reaching a market value of $4.5 billion, but then plummeted. Many suspected it to be a scam. In response to criticism, Milei quickly deleted the promotional post, claiming ignorance of the project details. The opposition is calling for his removal from office.

Argentina’s President Javier Milei supported the meme coin LIBRA on social media, which swiftly gained a value of $4.5 billion but rapidly crashed after Milei removed his endorsement. This incident led to significant disappointment among crypto investors. LIBRA coin was launched under Milei’s dog’s name, gaining instant popularity. Within an hour, the project reached a value of $4.5 billion, giving investors great hope. However, shortly after this rapid surge, the coin’s value dramatically dropped. Falling to as low as $200 million within hours resulted in significant losses for many investors.

After receiving backlash from the opposition, Milei deleted his post backing LIBRA coin and stated that he was unaware of project details, consequently withdrawing his support. However, this explanation did not appease investor reactions. Many blamed Milei for their substantial losses, causing trust in the project to quickly erode. Argentina’s President posted the following statement on his official X account: “I shared this project thinking it was a private initiative. However, after learning the details, I chose not to let it spread and hence deleted the tweet. Once again, we see how despicable politicians are who try to exploit such incidents for their own interests.”

According to the analysis platform Lookonchain, eight wallets associated with LIBRA meme coin allegedly withdrew funds totaling $107 million. Many crypto experts revealed that individuals swiftly made purchases and sold at a profit of over $20 million just after Milei’s tweet. This event highlighted how risky meme coin projects can be, sparking new debates among crypto investors worldwide. Milei’s involvement in this scandal also brought attention to the role and impact of political figures in the crypto market. This incident is reminiscent of when U.S. President Donald Trump launched a meme coin bearing his name, which initially garnered significant interest and value but soon experienced major fluctuations and value depreciation.