Argentina's 'Libra' Token Skyrockets then Collapses

In February, a memecoin called Libra (LIBRA) endorsed by Argentina's President Javier Milei briefly soared to a $4.5 billion market cap before a spectacular collapse. Insiders rug-pulled about $107 million in liquidity within hours of launch, causing LIBRA's price to crash 94% from its peak.

Milei had promoted the token on social media as a private project to "grow Argentina's economy," then hurriedly deleted the post as the token imploded. The scandal triggered a fraud probe into Milei's promotion of LIBRA, amid allegations of insider manipulation and heavy losses for retail investors.

Source: Cointelegraph – Milei-endorsed Libra token crashes 94% after $107M rug pull