Milei’s meme madness dampens Argentine stock market

Even Coin Tremors trembled the Argentina stock market when President Javier Milei was continued when the balance was launched.

The S&P Merval, the Argentina stock market index, fell 5% while the markets opened on February 17 after a tumultuous weekend involving the same balance based in Solana. The index, which follows the largest companies in Argentina, listed on the stock market, similar to the American S&P 500, recovered 2% but remained below last week’s fence, according to Yahoo Finance.

Speculators argued that a legal complaint filed against President Milei probably contributed to the drop in the S&P Merval.

Last weekend, the developers launched the balanced token via the Solana platform even Pump.fun. Milei had publicly supported the project in a tweet now removed, praising the balance as a potential boost for the country’s economy and small businesses.

The pieces even at the origin of sovereign were rare but in high demand after the official Trump token of US President Donald Trump is skyrocketing with an entirely diluted evaluation of $ 70 billion in a few days.

Despite the volume of massive balance of the balance, the token crashed 90% compared to its cutting -edge hours of $ 4 billion after its beginnings. President Milei deleted His tweet and his office opened an investigation into the medal of the same. According to the Associated Press, a domestic trial alleged President Milei has embarked on fraud.

The Milei office denied knowledge of the initiates of the balance, insisting that the president and his team had no notice of the launch.

The CEO of Kelers Ventures, Hayden Davis, advisor to President Milei on Balance, admitted that he and his team had drawn the token, a practice where traders buy a large part of the supply of a token at the launch. This behavior is often associated with large -scale launches or carpet prints, where projects increase the capital of investors and disappear without keeping promises.

In a YouTube interview With Coffeezilla, Davis also confirmed that he had drawn about $ 100 million from liquidity in balance chain. Davis told the founder of Barstool Sports, Dave Portnoy, that he did not intend to collect the product.

Instead, Davis said he was planning to consult President Milei and the Argentine government concerning the funds. Meanwhile, Balance jumped more than 60% after Milei republished a tutorial unexpectedly on how to buy the token.