Argentina’s Stock Market Plummets Amid Milei Meme Coin Controversy

Argentina’s stock market has seen a significant dip, following allegations of fraud against the country’s president for endorsing a meme coin.

What Happened: Argentina’s S&P Merval index, which tracks the performance of the country’s largest companies, dropped by over 5% at the opening of markets in Buenos Aires on Monday. The index has since seen a slight recovery but is still 3% lower than its closing value on Friday.

According to the report, the upheaval in Argentina’s markets was sparked when President Javier Milei endorsed a Solana-based token called LIBRA on X on Friday. Milei, in a now-deleted post, claimed that the project aimed to stimulate the Argentine economy by funding local small businesses and startups.

However, …

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