A tweet from Argentina's president Javier Milei promoted a memecoin called Libra, which he described as a "private project [that] will [be] dedicated to encouraging the growth of the Argentine economy by funding small Argentine businesses and startups". The token quickly soared in price as traders poured in.<p>However, within hours of the launch, insiders began selling off their holdings of the token. The token had been highly concentrated among insiders, with around 82% of the token held in a small cluster of apparently insider addresses. Those insiders cashed out around $107&nbsp;million, crashing the token price by around 95%.</p><p>After the crash, Milei deleted his tweet promoting the project. He later claimed he was "not aware of the details of the project and after having become aware of it I decided not to continue spreading the word (that is why I deleted the tweet)."</p>

Archived tweet

Tweet by Javier Milei: