Argentina’s LIBRA meme coin crashes, erasing $4.4b after controversial Milei post

The Balance token, based in Solana, initially promoted by the Argentine president, Javier Milei, collapsed in the hours following his launch.

The collapse erased $ 4.4 billion in market capitalization and assigned the overall coin market.

The incident started with Milei’s social media position at 5:01 p.m., promoting a allegedly token to “stimulate the Argentinian economy by funding small projects”. The project website, created a few hours before launch, included a Google form for financing of applications, but lacked detailed token or transparent property information.

The chain analysis revealed an activity of concentrated initiates, with 82% of the balanced tokens held in a single cluster. According to Bubblemaps data, initiates extracted $ 87.4 million in the first three hours thanks to strategic liquidity handling. The team used Meteora’s unilateral liquidity pools instead of direct market sales, removing the USD and Sol while the price of the token has dropped by more than 90%.

Detailed analysis of the portfolio by EME follow up Multiple coordinated professions:

• An address transformed 1 million USDC into 8.58 million dollars in profits
• Another converted 1.1 million USDC into $ 6.45 million
• A third portfolio transformed 5.15 million dollars 5.15 million

The rapid collapse affected the global cryptography market, even Trump’s memes play knowing strong drops. More than 50,000 portfolios have acquired tokens in the two hours of launch, while total market losses exceeded $ 6 billion during the three -hour slowdown.

Milei then moved away from the project, deleting his initial post and claiming that he “was not aware of the details”. He described the incident as an attempted “dirty rats of the political caste” to discredit it.

Later chain analysts confirmed The balance team had extracted $ 107 million in total, with eight wallets accumulating USDC 57.6 million and 249,671 soil ($ 49.7 million) thanks to liquidity handling and costs of costs. The event marks one of the most important and fastest collapses in the history of the same.