The LIBRA token, promoted by Argentine President Javier Milei, experienced a significant crash of 85% after its development team removed $87 million worth of USDC and SOL from liquidity pools. Blockchain analysis firm Bubblemaps tracked the data, revealing that the token's top 100 holders faced average losses exceeding 56%. On-chain analyst EmberCN reported that suspected insiders profited around $20 million from trading LIBRA tokens. Concerns of centralization were raised as 82% of LIBRA's supply was found to be concentrated in connected addresses. The token is part of the Viva La Libertad Project, which aims to support Argentina's economy. LIBRA's launch came after the Central African Republic launched its own memecoin, which experienced a significant crash after initially surpassing $1 billion in market cap.



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