LIBRA Memecoin Backers Lost $251M: Nansen
Some big money was lost from the collapse of the Milei-endorsed memecoin.
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.
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