{"id":1216096,"date":"2025-02-16T14:53:00","date_gmt":"2025-02-16T19:53:00","guid":{"rendered":"https:\/\/www.prime-wow.com\/?p=1216096"},"modified":"2025-02-16T14:53:00","modified_gmt":"2025-02-16T19:53:00","slug":"argentinian-president-promotes-memecoin-it-then-crashed-95-as-insiders-cashed-out","status":"publish","type":"post","link":"https:\/\/www.prime-wow.com\/?p=1216096","title":{"rendered":"Argentinian President Promotes Memecoin. It Then Crashed 95% as Insiders Cashed Out"},"content":{"rendered":"<div>gwolf (Slashdot reader #26,339) writes: On Friday, February 14, Libertarian Argentinian president, Javier Milei, promoted the just-created $LIBRA cryptocoin, created by the Viva la libertad project, strongly aligned with his political party, La Libertad Avanza. Milei tweeted, &#8220;This private project will be devoted to promote growth of the Argentinian economy, funding small startups and enterprises. The world wants to invest in Argentina!&#8221; <\/p>\n<p>It is worth noting that the project&#8217;s website was registered a mere three minutes before Milei tweeted his endorsement. The cryptocoin quickly reached a $4.6 billion market cap&#8230; Only to instantaneously lose 89% of its value, with nine core investers pulling the rug from under the enthusiast investors.<\/p>\n<p>More details from the blog Web3 Is Going Just Great:<\/p>\n<p>[W]ithin 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 million, crashing the token price by around 95%. After the crash, Milei deleted his tweet promoting the project. He later claimed he was &#8220;not aware of the details of the project.&#8221;<\/p>\n<div class=\"share_submission\" style=\"position:relative;\">\n<a class=\"slashpop\" href=\"http:\/\/twitter.com\/home?status=Argentinian+President+Promotes+Memecoin.+It+Then+Crashed+95%25+as+Insiders+Cashed+Out%3A+https%3A%2F%2Fnews.slashdot.org%2Fstory%2F25%2F02%2F16%2F1921209%2F%3Futm_source%3Dtwitter%26utm_medium%3Dtwitter\"><img decoding=\"async\" src=\"https:\/\/www.prime-wow.com\/wp-content\/uploads\/2025\/02\/twitter_icon_large-63.png\"><\/a><br \/>\n<a class=\"slashpop\" href=\"http:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fnews.slashdot.org%2Fstory%2F25%2F02%2F16%2F1921209%2Fargentinian-president-promotes-memecoin-it-then-crashed-95-as-insiders-cashed-out%3Futm_source%3Dslashdot%26utm_medium%3Dfacebook\"><img decoding=\"async\" src=\"https:\/\/www.prime-wow.com\/wp-content\/uploads\/2025\/02\/facebook_icon_large-38.png\"><\/a><\/p>\n<\/div>\n<p><a href=\"https:\/\/news.slashdot.org\/story\/25\/02\/16\/1921209\/argentinian-president-promotes-memecoin-it-then-crashed-95-as-insiders-cashed-out?utm_source=rss1.0moreanon&amp;utm_medium=feed\">Read more of this story<\/a> at Slashdot.<\/p>\n<p><iframe src=\"https:\/\/slashdot.org\/slashdot-it.pl?op=discuss&amp;id=23611923&amp;smallembed=1\" style=\"height: 300px; width: 100%; border: none;\"><\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":"<p>gwolf (Slashdot reader #26,339) writes: On Friday, February 14, Libertarian Argentinian president, Javier Milei, promoted the just-created $LIBRA cryptocoin, created by the Viva la libertad project, strongly aligned with his political party, La Libertad Avanza. Milei tweeted, &#8220;This private project &hellip; <a href=\"https:\/\/www.prime-wow.com\/?p=1216096\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[101,44],"tags":[],"class_list":["post-1216096","post","type-post","status-publish","format-standard","hentry","category-slashdot","category-technology"],"_links":{"self":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/posts\/1216096","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1216096"}],"version-history":[{"count":0,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/posts\/1216096\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1216096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1216096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1216096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}