The cryptocurrency market experienced a downturn over the weekend due to a memecoin controversy involving Argentina’s President Javier Milei. Milei promoted the Libra memecoin on his X account last Friday, claiming it could boost Argentina’s economy, according to the Buenos Aires Herald. The now-deleted tweet triggered a buying frenzy, with Libra’s price soaring 3,000 percent within hours and its market capitalization reaching $4.5 billion. However, this dramatic rise proved unsustainable. The initial surge, fueled by presidential endorsement, was short-lived. The endorsement quickly drew…
Libra Memecoin Backed by Argentina’s President Javier Milei Sparks Rug Pull Concerns: All Details
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Libra Memecoin Backed by Argentina’s President Javier Milei Sparks Rug Pull Concerns: All Details
The cryptocurrency market experienced a downturn over the weekend due to a memecoin controversy involving Argentina’s President Javier Milei. Milei promoted the Libra memecoin on his X account last Friday, claiming it could boost Argentina’s economy, according to the Buenos Aires Herald. The now-deleted tweet triggered a buying frenzy, with Libra’s price soaring 3,000 percent within hours and its market capitalization reaching $4.5 billion. However, this dramatic rise proved unsustainable. The initial surge, fueled by presidential endorsement, was short-lived. The endorsement quickly drew…
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
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