Memecoin $LIBRA Soars 60% After Argentina’s President Retweets Buying Guide – CryptoMode
The Solana-based memecoin LIBRA surged over 60% in value after Argentina’s president Javier Milei retweeted a post containing a step-by-step guide on how to purchase the token. The move sent traders scrambling to buy, momentarily pushing the token’s market cap back towards the multi-billion-dollar levels it had reached before its catastrophic collapse just days earlier.
Milei shared a tweet by Darion Epstein, a financial researcher, which outlined the complexities of purchasing $LIBRA. While Epstein later clarified that his post was meant to highlight the barriers for ordinary investors, the President’s endorsement had an unintended effect—igniting a fresh buying wave that saw the token’s price skyrocket.
The token initially gained traction when Milei publicly supported it as a tool to stimulate Argentina’s struggling economy. Within hours of its launch, $LIBRA soared by over 3,000%, briefly reaching a market capitalization of $4.5 billion before crashing spectacularly amid allegations of insider manipulation.
Despite its recent pump, skepticism remains high. Blockchain analytics firm Lookonchain reported that a trader known as “goofyahh.sol” managed to turn a $5 million investment into roughly $3.3 million in realized profits by strategically buying and selling within hours of Milei’s tweet. Similar reports of large wallet holders profiting from early liquidity withdrawals have reignited fears of another orchestrated rug pull.
Adding to the controversy, Bubblemaps, an on-chain analytics firm, uncovered that 82% of $LIBRA’s total supply is concentrated across a handful of connected wallets, raising further concerns about potential price manipulation. This finding mirrors past incidents where insiders controlled the majority of tokens in low-liquidity markets, allowing them to execute well-timed selloffs that left retail investors in ruin.
The Future of LIBRA and Regulatory Implications
Milei’s involvement in $LIBRA has triggered a backlash from opposition lawmakers, with some calling for his impeachment. Leandro Santoro, a prominent opposition figure, labeled the situation an “international embarrassment” and accused Milei of irresponsibly promoting a speculative asset without due diligence.
With lawsuits mounting and regulatory scrutiny increasing, the future of $LIBRA remains uncertain. Argentina’s Anti-Corruption Office has launched an investigation into the token’s origins, while the country’s central bank is reviewing potential regulatory measures to prevent similar incidents in the future.
