Yigit Taha OZTURK 
The Libra (LIBRA) token, endorsed by Argentine President Javier Milei, was widely known among memecoin insiders up to two weeks before its dramatic rise and fall. Jupiter Exchange revealed that they were aware of the token’s existence long before it launched and saw public tweets from Milei confirming his involvement in the project.
Libra Token’s Collapse and Huge Losses
The Libra token experienced a sharp collapse immediately after its launch. Insider investors cashed out $107 million in liquidity within just 3 hours, leading to a $4 billion market cap wipeout. Jupiter Exchange acknowledged being informed of the token’s impending launch by Milei’s personal tweets, but emphasized that they had no involvement in the insider activities that followed.
Insider Trading Investigation Underway
Milei has requested the Anti-Corruption Office to investigate potential misconduct by government members, including himself, after endorsing the Libra token, which turned into a $100 million rug pull. Political opponents have called for Milei’s impeachment following his support for the controversial token.
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Blockchain analysis firm Bubblemaps revealed that Libra token had flawed tokenomics, with 82% of the supply being unlocked and sellable from the beginning. This contributed to the token’s rapid collapse, as early investors quickly sold off their holdings, exacerbating the crash.
Meme Coin Investments and Growing Trends
The collapse of Libra token added fuel to the growing trend of celebrity-endorsed memecoin investments, such as Donald Trump’s TRUMP token and Melania Trump’s MELANIA token. However, these tokens have seen massive losses as well, with TRUMP down 76% and MELANIA down 90% from their all-time highs.
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