{"id":13259,"date":"2025-02-15T11:02:53","date_gmt":"2025-02-15T11:02:53","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=13259"},"modified":"2025-02-15T11:02:53","modified_gmt":"2025-02-15T11:02:53","slug":"javier-milei-backtracks-on-4-4b-memecoin-after-insiders-pocket-87m","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=13259","title":{"rendered":"Javier Milei Backtracks on $4.4B Memecoin After ‘Insiders’ Pocket $87M"},"content":{"rendered":"
\n

Argentina’s president Javier Milei has backtracked on a tweet promoting a memecoin called Libra, which rose to a $4.4 billion market cap before plunging by more than 95%.<\/p>\n

In a now-deleted tweet, Milei initially wrote: “This is a private project dedicated to encouraging the growth of the Argentine economy,” along with a Solana contract address linked to the Libra token.<\/p>\n

Libra rose by more than 2,000% in a 40-minute span following the tweet, only to tumble rapidly as a group of early holders began to cash out. <\/p>\n

X account KobeissiLetter shared a series of BubbleMaps screenshots showing that alleged “insiders” liquidate tokens by adding one-sided liquidity pools on Metora with only Libra, allowing them to remove SOL and stablecoins.<\/p>\n

Trading volume for Libra hit $1.1 billion after launch, although it appeared that purchases and sales were skewed; there were 74,500 individual buy orders and 28,900 sales – indicating that larger sell orders flattened the flurry of retail activity.<\/p>\n

Milei later addressed the botched memecoin on X, stating that he “was not aware of the details of the project.” <\/p>\n

“A few hours ago I posted a tweet, as I have so many other times, supporting a supposed private enterprise with which I obviously have no connection whatsoever,” Milei wrote. “I was not aware of the details of the project and after having become aware of it I decided not to continue spreading the word (that is why I deleted the tweet).”<\/p>\n

The sell-off in Libra rippled across the wider memecoin market, with TRUMP losing $500 million from its market cap, according to market data<\/a>, in a 30-minute period after Libra began to tumble.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Argentina’s president Javier Milei has backtracked on a tweet promoting a memecoin called Libra, which rose to a $4.4 billion market cap before plunging by more than 95%. In a now-deleted tweet, Milei initially wrote: “This is a private project dedicated to encouraging the growth of the Argentine economy,” along with a Solana contract address […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-13259","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/13259","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13259"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/13259\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}