Argentine President's Memecoin Promotion Ends in $107M Insider Dump

Argentine President Javier Milei's tweet promoting a memecoin called Libra, touted as a project to boost the Argentine economy, led to a spectacular crash. The token initially soared, but within hours, insiders holding roughly 82% of the tokens dumped their holdings, cashing out approximately $107 million and causing a 95% price drop. Milei subsequently deleted his tweet and claimed ignorance of the project's details. The incident highlights the risks of memecoins and the potential for manipulation in highly concentrated markets.