# LIBRA Memecoin Backers Lost $251M: Nansen

*Author: Bankless*
*Published: Feb 20, 2025*
*Source: https://www.bankless.com/de/read/libra-memecoin-backes-lost-more-than-250m-nansen*

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Nansen's recent analysis reveals substantial losses in LIBRA, a Solana-based memecoin that soared after Argentina's President Javier Milei endorsed it, only to collapse as insiders sold off. Despite initial exhilaration, the quick downturn highlighted the perilous nature of politically-linked cryptocurrencies.

## **What’s the Scoop?**
- **Staggering Losses**: Nansen data indicates 86% of traders lost money, with a total loss of $251 million.
- **Quick Profits**: Two addresses traded rapidly on Feb. 14, securing over $5 million in profit collectively.
- **Market Collapse**: Initially surging to a $4.5 billion market cap after political backing, LIBRA's value plummeted 90% due to insider sell-offs.
- **Political Embarrassment**: President Milei retracted his endorsement, claiming ignorance of details, amid opposition criticism.