Advertised by Javier Milei: Almost all traders have lost $Libra with memecoin
After Argentina's president advertised a memecoin, the value briefly rose massively. Now an analysis shows who benefited from this.
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The vast majority of investors have made losses of several hundred million US dollars with the memecoin $Libra, which was briefly promoted by Argentina's President Javier Milei. This is the result of an analysis by Nansen Research. According to the study, more than 86 percent of the over 15,400 accounts that made a profit or loss of more than 1,000 US dollars each with $Libra lost a total of 251 million US dollars.
For 2101 wallets, on the other hand, the purchase of the cryptocurrency was worthwhile; together they realized profits of 180 million US dollars. Two accounts even made 5.4 million US dollars in just 43 minutes. There is "tangible evidence" that a group of insiders took advantage of the masses, writes Nansen.
Reminiscent of Trump
As Nansen goes on to explain, the cryptocurrency was created last Friday at 20:38 CET, and just 23 minutes later Javier Milei published his post on X promoting the memecoin. Within 43 minutes, its price shot up, only to plummet again immediately. A short time later, it became clear that only a small number of accounts had earned the majority of the increase in value, while the majority had suffered losses. Milei deleted his post shortly afterwards and explained that he had familiarized himself with the matter. He rejected the criticism of his advertising in his usual sharp manner.
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The events surrounding the $Libra were reminiscent of a so-called "rug pull". This is the name given to a type of scam in which large amounts of money are taken from investors immediately after the launch of a cryptocurrency and used to make off with it. In Argentina, meanwhile, voices have been raised pointing out that Milei may have broken the law with its advertising. There have even been calls from the opposition for his impeachment, but there is no majority for this. The process is also reminiscent of the memecoin with which US President Donald Trump caused a stir shortly before taking office. There, too, a few accounts took the lion's share of the profits.
(mho)
