Meme coin trembling shook the Argentina’s stock market as President Xavier Milli was sued on the launch of the Libra token.
Argentina’s stock market index, S&P Marvel, fell 5%, as the markets were opened on 17 February, including Solan-based Meme Sikin Libra. According to Yahoo Finance, the index, which tracked the company’s largest publicly trading companies similar to the US S&P 500, recovered 2%, but remained below last week.
The bookies argued that a legal complaint filed against the President Miley contributed to the decline of S&P Marvel.
In the last weekend, the developers launched the Libra token through the Solana Mem platform pump. Miley publicly supported the project in a tweet in a tweet, which describes Libra as the country’s economy and small businesses potentially promoted.
The coins of the sovereign-man meme were in low supply, but the official Trump token of US President Donald Trump led to a $ 70 billion completely diluted assessed within days in high demand.
Despite the massive trading volume of Libra, the token crashed 90% of its $ 4 billion peak hours after its start. President Mila removed his tweet, and his office opened an investigation into Meme coins. According to the Associated Press, the alleged President Mila was engaged in fraud in a domestic trial.
Miley’s office denied the internal knowledge of Libra, the President and his team had no prior notice of launch.
Hayden Davis, CEO of Calsier Ventures, Advisor to President Mila on Libra admitted that he and his team snatched the token, a practice where traders buy a large part of the token supply at the time of launch. This behavior is often associated with large -scale launch or pulling, where projects increase capital from investors and disappear without fulfilling promises.
In a youtube Interview Along with Coffee, Davis also confirmed that he pulled Libra’s on-chain liquidity approximately $ 100 million. Davis told Dave Portnoy, the founder of Barstool Sports that he does not intend to cash in income.
Instead, Davis claimed that she met the President about the fund and was planning to consult with the Argentina government. Meanwhile, Libra increased by more than 60%, as Miley rebuilt a tutorial to buy tokens unexpectedly.
