{"id":14074,"date":"2025-02-20T09:02:57","date_gmt":"2025-02-20T09:02:57","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=14074"},"modified":"2025-02-20T09:02:57","modified_gmt":"2025-02-20T09:02:57","slug":"libra-memecoin-fiasco-destroyed-251m-in-investor-wealth-research-shows","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=14074","title":{"rendered":"LIBRA Memecoin Fiasco Destroyed $251M in Investor Wealth, Research Shows"},"content":{"rendered":"
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The LIBRA memecoin scandal<\/a> that rocked Argentina over the weekend destroyed millions of dollars in investor wealth, according to research by Nansen.<\/p>\n

On-chain data tracked by Nansen<\/a> show 86% of traders lost a total of $251 million, while the winners secured just $180 million in profits. In other words, it was a “net-negative wealth-generating” event that potentially sucked out liquidity from the market.<\/p>\n

The episode is a stark reminder that tokens associated with political figures can be just as risky as random memecoins and celebrity cryptocurrencies in making or breaking fortunes within minutes.<\/p>\n

LIBRA debuted on Meteora, a Solana-based decentralized exchange, last Friday and quickly surged to a market cap of over $4.5 billion after Argentina’s President Javier Milei said on X that the project backing the coin would “focus on encouraging the growth of the Argentine economy, funding small businesses, and Argentina ventures.”<\/p>\n

Over 40,000 crypto addresses piled into the token, fueling a surge in price. The bullish excitement, however, was short-lived. The balloon popped as insiders offloaded massive numbers of tokens, tanking the market cap by 90%.<\/p>\n

Read more: Will Argentinian President Milei’s Crypto ‘Fiasco’ Be a Deathblow for Memecoin Craze?<\/a><\/p>\n

Milei eventually deleted his X post, saying he was “not aware of the details of the project” and, now informed, has chosen not to continue promoting it. By then, though, the damage was done.<\/p>\n

The opposition called the whole affair an international embarrassment and threatened to impeach Milei<\/a>. <\/p>\n

“70% of wallets trading $LIBRA from February 16th to 18th ended with realized losses as many likely attempted to profit off of the additional retweet from Javier Milei,” Nansen said in a report shared with CoinDesk.<\/p>\n

The number of unique holds of the token fell to 35,770 on Feb. 18 from over 50,000 on Feb. 14. Meanwhile, two wallets that bought the token at 22:01 UTC and sold by 22:44 UTC on Feb. 14 made just over $5.4 million in total profit, the report noted.<\/p>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The LIBRA memecoin scandal that rocked Argentina over the weekend destroyed millions of dollars in investor wealth, according to research by Nansen. On-chain data tracked by Nansen show 86% of traders lost a total of $251 million, while the winners secured just $180 million in profits. In other words, it was a “net-negative wealth-generating” event […]<\/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-14074","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\/14074","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=14074"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/14074\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}