Libra—a Solana-based meme coin initially endorsed by Argentina President Javier Milei—got here crashing down barely hours after hitting the $4.5 billion market cap threshold.
In a now-deleted put up on X, Milei had promoted LIBRA, linking it to the Viva La Libertad venture purportedly established to spice up the Argentine economic system by funding for small companies.
This put up ignited the preliminary shopping for frenzy across the meme coin and pushed its market cap above $4 billion inside hours of its launch.
Nonetheless, resulting from suspicious fund actions and the centralized management of its tokenomics, questions relating to the legitimacy of LIBRA started to realize floor.
Amid rising skepticism, LIBRA took a brutal hit, shedding virtually 90% of its worth in a jiffy. Including to the woes was Milei’s retraction of his endorsement for the Solana-based meme coin, sparking alarm within the crypto neighborhood.
On the time of writing, LIBRA’s market cap has plunged under $400 million, with the token buying and selling round $0.36. What’s subsequent for this token?
Is LIBRA One other Pump & Dump Scheme?
The official web site of the Viva La Libertad Challenge describes LIBRA because the image of a motion created to stimulate the “Argentine economic system from the bottom up by supporting entrepreneurship and innovation.”
By way of the token, the venture workforce highlighted plans to channel funding successfully and in a decentralized method in order that buyers and residents can contribute to the nation’s development.
LIBRA went reside on Friday, February 14, 2025, and was publicly endorsed by Milei the identical day. That originally inspired merchants to purchase the token in droves and pushed the value by virtually 3000% to a peak of $4.5 inside hours.
Actually, on the peak of its market exercise, LIBRA’s market cap crossed the $4 billion market cap benchmark, becoming a member of the likes of TRUMP and MELANIA on the record of the quickest meme cash to realize such a feat.
Nonetheless, LIBRA’s spectacular value run was short-lived as insiders and whales began cashing out on the token, fueling allegations of a pump-and-dump scheme. Based on an onchain intelligence agency Lookonchain, not lower than eight wallets linked to the LIBRA workforce have already siphoned liquidity from the token, cashing out over $107 million.
One other pronounced purple flag—which was even raised by different blockchain information companies earlier than the downward spiral—identified the centralized nature of the token provide. Analyses from Bubblemaps, for example, confirmed that 82% of the token’s provide is managed by a couple of whales and insiders.
Because the whales started withdrawing from the liquidity swimming pools, the LIBRA value crashed, leaving the retail buyers to bear the brunt of the disaster. The collapse compelled Milei to right away delete his endorsement, blaming his opponents for attempting to politicize the scenario.
The president mentioned he had unknowingly backed what he thought was a personal enterprise and has determined to cease selling it after studying extra particulars. That retraction additional worsened LIBRA’s downward spiral, plummeting its value under $0.4.
Now that thousands and thousands of {dollars} have been misplaced to the crash, members of the crypto neighborhood have began elevating considerations concerning the involvement of huge gamers and platforms in potential rug pulls.
Within the case of LIBRA for example, Beanie—a well-liked crypto dealer and commentator—mirrored on how Moonshot initially listed the token, solely to delist after insiders pocketed $100 million from the liquidity swimming pools.
Extra so, influential names like WazzCrypto have criticized the token’s launch mannequin, linking it to comparable meme cash like $TRUMP and $MELANIA. Actually, in a latest put up on X, WazzCrypto mentioned it was attainable that the identical workforce that launched MELANIA and TRUMP developed $LIBRA or the latter used comparable modus operandi adopted by the previous.
In the meantime, this isn’t the primary time that president Milei will likely be concerned in an alleged rug pull scandal. In 2021, he was accused of selling CoinX—a crypto venture that promised huge rewards to buyers however didn’t ship. Those that suffered losses throughout the incident sued him for his position in selling the scheme.
LIBRA Value Prediction – Quick-Time period
Inside 24 hours of its launch, Libra skilled dramatic value swings, which prompted allegations of a possible rug pull. The worth initially noticed a parabolic pump to hit $4, fueled by robust shopping for strain and Milei’s now-deleted endorsement put up.
Following this value enhance was a heavy correction, attributable to aggressive sell-offs from insider wallets. Whereas the token’s worth has stabilized round $0.3, a zoomed-out have a look at the technicals exhibits that its RSI is at the moment fluctuating between 15-17, indicating that sellers are nonetheless in management.
If the promoting frenzy persists—which is most certainly—LIBRA may even expertise extra downward motion within the coming days, probably settling round $0.09.
LIBRA Value Prediction – Lengthy-Time period
The way wherein LIBRA was launched and the following controversy round its centralized tokenomics, has made many to be skeptical about its future. Therefore, the potential for the token fading into obscurity is sort of excessive.
In addition to, some notable names within the trade are already calling for the prosecution of these concerned in selling the venture.
Actually, based on Reuters, Milei may face an impeachment trial in Congress resulting from his involvement within the alleged rug pull.
As the decision for an investigation into the crash continues to dominate the airspace, LIBRA may see constant downswings, probably setting new all-time lows.
Meme Index – A Respectable Various To LIBRA Token
Contemplating the suspicious buying and selling actions involving the LIBRA’s workforce and the eventual value crash, it might be thought-about among the many riskiest meme cash to purchase now. As such, these in search of a extra reliable various with a novel distinctive worth proposition and community-centric posture could try Meme Index.
Described because the world’s first decentralized meme coin index, Meme Index is a brand new venture designed to supply structured publicity to the unstable but rewarding meme coin market.
There are too many meme cash available on the market already, which makes it tough for buyers to seek out high-potential tasks proper from the beginning. Actually, retail buyers usually find yourself getting on the improper cash, given the truth that they don’t have sufficient capital to construct a diversified portfolio.
Meme Index addresses this problem head-on, providing a extra strategic technique to navigate the market. Slightly than playing on particular person meme cash, the venture makes it attainable for buyers to guess on a number of tokens that complement their risk-taking urge for food in a single go.
It is going to quickly launch its 4 baskets that may categorize all meme coin belongings primarily based on the diploma of their volatility. The primary one, Titan Index, is for large-cap meme belongings like Dogecoin, Shiba Inu, and Pepe.
Subsequent is the Moonshot Index, containing mid-range meme coin performs, particularly those which can be near reaching the $1 billion market cap threshold.
The Midcap Index incorporates meme cash which can be between $50 million and $250 million market cap, making it an appropriate choice for many who don’t thoughts a little bit of threat. And eventually, the Frenzy Index is for these eyeing life-changing returns by extraordinarily unstable meme cash.
Not like conventional indices that depend on technical indicators, meme cash added into every of the 4 baskets will likely be primarily based on neighborhood suggestions, underscoring the venture’s decentralized posture.
This format offers a balanced approach for buyers to strategically interact with the meme coin sector, decrease their dangers, and maximize their income. For these in search of passive revenue alternatives, Meme Index’s built-in staking system is already in full swing, providing a three-digit APY reward to presale consumers.
Crucially, Meme Index has undergone two third-party audits from SolidProof and Coinsult, solidifying its market place as a reputable funding choice for degen buyers. The audit stories, which discovered no centralization dangers in its sensible contract, additional reassure buyers that the venture workforce can not mint new tokens, blacklist addresses, set any promote charges, and lots of extra.
Furthermore, not like LIBRA which has 82% of its whole provide in an insider pockets, Meme Index has embraced a tokenomics construction that locations its future within the fingers of the neighborhood.
The token’s provide is distributed throughout core points of the tasks akin to presale, neighborhood rewards, staking, treasury and governance, and advertising and marketing. No allocation was reserved for the workforce, reinforcing Meme Index’s community-centric posture.
The mixture of those elements has helped the venture to boost over $3.6 million inside a brief timeframe.
A number of crypto publications akin to Cointelegraph and Bitcoinist have extensively analyzed the significance of Meme Index’s choices to the fast-evolving meme coin area. YouTubers like CryptoZeus are already bullish on this venture, stating that it may develop into one of many greatest meme cash available on the market.
Go to Meme Index