The pound memecoin scandal that shook Argentina during the weekend destroyed millions of dollars in investors, according to a Nansen investigation.
The data in the Nansen -shaped chain show that 86% of the merchants lost a total of $ 251 million, while the winners obtained only $ 180 million in earnings. In other words, it was an event of “negative net wealth generation” that potentially absorbed market liquidity.
The episode is a marked reminder that the tokens associated with political figures can be as risky as random memecoras and celebrity cryptocurrencies to make or break fortune in minutes.
Libra debuted in Meteora, a decentralized exchange with headquarters in Solana, last Friday and quickly increased to a market capitalization of more than $ 4.5 billion after Argentina’s president, Javier Milei, finance small businesses and Argentina Ventures. “
More than 40,000 cryptographic addresses accumulated in the Token, feeding an increase in the price. The bullish emotion, however, was of short duration. The balloon appeared when experts discharged a massive number of tokens, which became the market cover by 90%.
Read more: Is the cryptography of Argentine President Milei a “fiasco” of Deathblow for Memecoin Craze?
Milei finally eliminated his publication X, saying that “he was not aware of the details of the project” and, now informed, he has chosen not to continue promoting him. By then, however, the damage was done.
The opposition described the whole matter an international shame and threatened to dismiss Milei.
“70% of the wallets that quote $ Libra from February 16 to 18 ended with losses made, since many probabilities tried to benefit from the additional retweet of Javier Milei,” Nansen said in a report shared with Coindeesk.
The number of unique token wineries fell to 35,770 on February 18, more than 50,000 on February 14. $ 5.4 million in total profits, the report said.
