Javier Milei Backtracks on $4.4B Memecoin After 'Insiders' Pocket $87M

Argentine president Javier Milei promoted a memecoin called Libra that reached a $4.4 billion market cap before crashing 95%. After alleged insiders pocketed $87M through liquidation, Milei deleted his promotional tweet and claimed he wasn't aware of the project's details. The incident caused ripple effects across the memecoin market, including a $500M drop in TRUMP token's value.