Argentina's president, Javier Milei, announced the launch of a meme coin called $LIBRA to boost Argentina's economy, which led to a rapid increase in its market cap. However, it was soon revealed to be a liquidity trap and insiders drained $87.4 million within three hours. Large holders then dumped their tokens, causing $LIBRA's market cap to plummet by $4.59 billion. The fallout affected other meme coins as well, with $TRUMP losing $500 million in market cap. The incident raised concerns about the lack of regulation and trust in meme coins. It also highlighted the involvement of individuals known for rug pulls, leading to accusations and calls for accountability.



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