LIBRA token promoted by Argentina’s president plunges 94%

LIBRA, a token promoted by Argentina’s president Javier Milei, plunged 94% within hours.

According to Lookonchain, eight wallets linked to the project pulled liquidity of more than $107 million (57.6 million USDC and 249,671 SOL worth $49.7 million).

The $LIBRA team has cashed out $107M!?

8 wallets related to the $LIBRA team have obtained 57.6M $USDC and 249,671 $SOL($49.7M) by adding liquidity, removing liquidity and claiming fees.

Wallets:
DefcyKc4yAjRsCLZjdxWuSUzVohXtLna9g22y3pBCm2z… pic.twitter.com/vpd7nGyMHQ

— Lookonchain (@lookonchain) February 15, 2025

On February 14 the coin’s market capitalisation peaked at $4.56 billion. It now stands at $174 million.

“Liberal Argentina on the rise!”

The token’s rally began shortly after Milei posted on X, sharing a link to the website and the Libra token contract address.

It all began with this post at 5:01 PM ET from Javier Milei.

As seen during President Trump’s memecoin launch, the first hour was full of speculation:

Was this a hack or a real launch?

It turned out to be real as multiple other Argentinian politicians posted the news. pic.twitter.com/cL0ZQgxtCB

— The Kobeissi Letter (@KobeissiLetter) February 15, 2025

The project, described as a “private initiative,” was presented as a tool to “stimulate the growth of the Argentine economy.”

“Was this a hack or a real launch? It turned out to be real, as several other Argentine politicians posted the news,” the X account The Kobeissi Letter wrote, commenting on a screenshot of Milei’s deleted post.

After the price collapse, the libertarian president posted a new statement on X, blaming political opponents.

“To the dirty rats of the political caste who want to take advantage of this situation to cause harm, I want to say: every day you confirm how vile politicians are, and only strengthen our resolve to boot you out,” Milei wrote.

Insiders and tokenomics

Colluding insiders began cashing out just three hours after trading started.

Some projects flagged tokenomics issues even before the LIBRA crash. For example, analytics firm Bubblemaps said that from the start 82% of the project’s supply was unlocked and available for sale.

this 82% cluster of $LIBRA is UNLOCKED

unlike $TRUMP — they can sell at any time https://t.co/hRGnRPTDiE

— Bubblemaps (@bubblemaps) February 14, 2025

“Unlike TRUMP, they can sell at any time,” the experts stressed.

In addition, the project provided no advance information about its tokenomics — typically a red flag for rational crypto investors.

In the 19 days since launch, Official Trump investors’ cumulative losses from the US president’s memecoin reached $2 billion.