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President Milei's meme mess đŚđˇ
Argentina's President Javier Milei went the Trump route by launching a Solana meme coinâbut then he backtracked after it collapsed.
Andrew Hayward
February 15, 2025
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đ What you need to know
It was another Friday night surprise in the meme coin trenches.
Echoing Trumpâs move from last month, Argentinaâs President Javier Milei tweeted out a new meme coin on Friday, saying it would help support small businesses in the country. Traders flocked to snap up Solana token LIBRA on its way up to a nearly $4.5 billion market cap.
And then the tide turned. Following initial concerns over whether Mileiâs account was hacked (it wasnât), on-chain analysts then pointed to a number of red flags around LIBRA, including a vast majority of the supply being concentrated within a cluster of linked wallets, plus those wallets apparently withdrawing liquidity en masse.
After LIBRA had plunged more than 85% from its peak price, Milei deleted the tweet and said he wasnât fully briefed on the details behind the Solana meme coin. LIBRA has only fallen further since, now down 96% from the top.
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