Argentina’s President Milei Deletes X Post Promoting LIBRA Meme Coin Amid Controversy

Milei Deletes LIBRA Promotion Post After Public Backlash

Argentina’s President Javier Milei has backtracked on his endorsement of the Solana-based LIBRA meme coin, deleting his X post late Friday night. Milei, who has 3.8 million followers, claimed he was unaware of the project’s details before sharing it.

“A few hours ago, I posted a tweet, as I have countless times before, supporting an alleged private venture with which I obviously have no connection. I wasn’t informed of the project’s details, and after learning about them, I decided not to continue promoting it (that’s why I deleted the tweet).” – Milei on X

Initially, the LIBRA token was promoted as part of the Viva La Libertad Project, claiming to support economic growth in Argentina by funding small businesses and startups. However, skepticism arose regarding the legitimacy of the project, with many traders comparing it to the TRUMP token, which was confirmed as an authentic initiative.

LIBRA Token Crashes 96% Following Confusion

LIBRA’s launch saw a meteoric rise, briefly reaching a $4.5 billion market cap before nosediving 96% to just $167 million.

Price Action:

• Peak: $4.50
• Current Price: $0.50
• Trading Volume: Over $1.1 billion within hours

Despite initial investor excitement, the uncertainty surrounding Milei’s involvement and the project’s legitimacy led to a mass sell-off, sending LIBRA prices into free fall.

Was Milei’s Account Compromised?

Following the controversy, speculation arose over whether Milei’s account had been hacked. However, Bloomberg Línea later confirmed that Milei personally acknowledged posting about LIBRA, emphasizing that he had no official connection to the token.

This incident sheds light on the power high-profile figures hold over crypto markets, as their endorsements can significantly impact token prices and trading behavior.

Political Figures and Crypto: A Growing Trend

Milei’s LIBRA controversy isn’t the first time a political figure has inadvertently influenced the crypto space:

• Donald Trump’s TRUMP Token – Confirmed and embraced by supporters, leading to speculation frenzy.
• El Salvador’s Bitcoin Adoption – President Nayib Bukele’s Bitcoin-friendly policies helped shape national crypto trends.
• Senator Cynthia Lummis – A vocal advocate for Bitcoin and blockchain regulation.

As more politicians engage with digital assets, it raises ethical questions about their influence over financial markets.

Crypto Volatility: The Risks of Meme Coin Speculation

The LIBRA collapse serves as yet another warning about the dangers of meme coin speculation:

1. Extreme Market Volatility

• Prices can surge thousands of percent in hours but crash just as quickly.

• Low liquidity tokens are prone to manipulation and rug pulls.

2. Lack of Transparency

• Many meme coins lack proper documentation or clear roadmaps.

• Celebrity endorsements can create false legitimacy.

3. Regulatory Concerns

• Authorities worldwide are tightening oversight on crypto promotions.

• Projects without clear legal compliance may face legal action or bans.

Final Thoughts: What’s Next for Crypto Endorsements?

Milei’s LIBRA meme coin debacle underscores the ongoing risks associated with political endorsements in crypto markets. While the hype-driven nature of meme coins continues to attract traders, this case demonstrates how uninformed promotions can lead to major market crashes.

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