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Meme Coin LIBRA of Argentina Collapses, Wiping Out 4.4 Billion USD After Milei's Controversial Post
LIBRA Token based on Solana, initially promoted by Argentine President Javier Milei, collapsed just a few hours after its launch. This collapse wiped out a market capitalization of $4.4 billion and affected the entire meme cryptocurrency market. The incident began with a post on Milei's social media at 5:01 pm Eastern Time, promoting a token believed to be aimed at "boosting the Argentine economy by sponsoring small projects". The project's website, created just a few hours before launch, includes a Google form for submitting sponsorship applications but lacks detailed information about tokennomics or transparent ownership information.
Analysis on-chain reveals centralized insider activity, with 82% of LIBRA tokens held in a single cluster. According to Bubblemaps data, participants extracted $87.4 million in the first three hours through liquidity manipulation strategies. The group utilized Meteora's one-way liquidity pools instead of selling directly on the market, draining USD and SOL while the token price plummeted over 90%. The detailed wallet analysis of Ember CN has tracked multiple coordinated transactions: An address has turned 1 million USDC into a profit of 8.58 million dollars. Another person has converted 1.1 million USDC into 6.45 million dollars. The third wallet has converted 500,000 USDC into 5.15 million dollars. The rapid collapse has affected the entire cryptocurrency market, even Trump's meme coins have plummeted. Over 50,000 wallets bought LIBRA tokens within two hours of launch, while the total market damage exceeded $6 billion during the three-hour prolonged recession. Milei later distanced himself from the project, deleting the original post and claiming that he "didn't know the details." He described the incident as an attempt by "the dirty rats of the political class" to discredit him.
On-chain analysts then confirmed that the LIBRA group withdrew a total of 107 million dollars, with eight wallets accumulating 57.6 million USDC and 249,671 SOL (49.7 million dollars) through liquidity manipulation and fee requests. This event marks one of the largest and fastest collapses in meme coin history.