Javier Milei endorses memecoin that rapidly depreciates in minutes

Before entering the White House, Donald Trump promoted his own memecoin, which, although far from being a success, still holds some value in the market. However, the president of Argentina, Javier Milei, attempted to do the same and seems to have failed miserably.

Using his X account, Javier Milei promoted the memecoin $Libra, catching some followers by surprise to the point where many thought the president’s account had been compromised. In his message, Milei claimed that the cryptocurrency focused on a dedicated and private project aimed at stimulating Argentina’s financial economy. The message also included a link to the memecoin project’s website.

Prior to the announcement, the virtual currency had a value of just 0.3 cents per dollar, but within minutes, it skyrocketed to over $4.7 per unit. However, shortly after Milei’s message caused a considerable increase in value, the “bubble” burst, and the meme coin’s value plummeted, clearly indicating a scheme.

Reactions to the case quickly emerged. The opposition labeled Milei a “swindler” for promoting a currency that was essentially a scam, leading thousands of people to invest their earnings in something that quickly lost value, resulting in significant losses.

Deputy Esteban Paulón even went so far as to file a lawsuit to remove the president of Argentina from office, considering what happened to be a “very serious” matter.

However, Milei defended himself by claiming that he was not aware of the project’s details and that he deleted the message from his account after revealing it. However, this action was only taken hours later.

Furthermore, Milei criticized the opposition, accusing them of taking advantage of the situation for their own political agendas and benefits.

It’s worth noting that this is not the first time Milei has been involved in cryptocurrency-related schemes. In 2021, the president of Argentina also promoted an investment platform that turned out to be a fraud.