The hyped Mileem coin LIBRA plummeted by 94%

The promoted by the President of Argentina coin LIBRA collapsed by 94%

The promoted by the president of Argentina Javier Mile coin LIBRA collapsed by 94% in a few hours.

According to Lookonchain, eight project-related wallets withdrew liquidity of over $107 million (57.6 million USDC and 249,671 SOL worth $49.7 million).

The $LIBRA team has cashed out $107M!😱

8 wallets related to the $LIBRA team have obtained 57.6M $USDC and 249,671 $SOL($49.7M) by adding liquidity, removing liquidity and claiming fees.

Wallets:
DefcyKc4yAjRsCLZjdxWuSUzVohXtLna9g22y3pBCm2z… pic.twitter.com/vpd7nGyMHQ

— Lookonchain (@lookonchain) February 15, 2025

On February 14, the coin's market capitalization reached a peak of $4.56 billion. Now the indicator stands at $174 million.

Data: Dex Screener.## 'Liberal Argentina is on the rise!'

The rally of the coin started shortly after Mile's post in X, in which he shared a link to the website and the contract address of the Libra coin.

It all began with this post at 5:01 PM ET from Javier Milei.

As seen during President Trump's memecoin launch, the first hour was full of speculation:

Was this a hack or a real launch?

It turned out to be real as multiple other Argentinian politicians posted the news. pic.twitter.com/cL0ZQgxtCB

— The Kobeissi Letter (@KobeissiLetter) February 15, 2025

The project, called 'private initiative,' was presented as a tool to 'stimulate the growth of the Argentine economy'.

"Was it a hack or a real launch? It turned out to be real, as several other Argentine politicians published the news," wrote X account The Kobeissi Letter, commenting on the screenshot of Milei's deleted post.

After the price collapse, the libertarian president published a new statement on X, accusing political opponents.

Data: Cointelegraph.

"To the dirty rats of the political caste who want to take advantage of this situation to do harm, I want to say: every day you confirm how disgusting politicians are, and only strengthen our determination to kick you out," wrote Milei.

Insiders and coinomics

The insiders who conspired began to 'take the cream' just three hours after the start of trading.

Data: The Kobeissi Letter.Some projects reported issues with the coinomics even before the LIBRA crash. For example, the analytical firm Bubblemaps reported that 82% of the project's supply was unlocked and available for sale from the very beginning.

this 82% cluster of $LIBRA is UNLOCKED

unlike $TRUMP — they can sell at any time

— Bubblemaps (@bubblemaps) February 14, 2025

"Unlike TRUMP, they can sell at any time," experts emphasized.

Furthermore, the project did not provide preliminary information about its coinomics. For rational crypto investors, such a situation usually serves as a worrying signal

Reminding that in 19 days from the launch of Official Trump, the accumulated losses from investments in the US president's meme-coin reached $2 billion.