Argentine President's Memecoin Endorsement Leads to Wild Price Swing, Millions Lost

Argentine President Javier Milei's tweet endorsing a memecoin called Libra sent its market cap soaring to $4.4 billion before a dramatic 95%+ crash. Milei deleted the tweet, claiming unawareness of the project's details. Analysis suggests early investors manipulated liquidity pools to profit, resulting in $1.1 billion in trading volume but a heavily skewed buy/sell ratio. The incident also impacted other memecoins, with TRUMP losing $500 million in market cap in a short period.