LIBRA Memecoin Fiasco Destroyed $251M in Investor Wealth, Research Shows

The LIBRA memecoin, launched on a Solana-based exchange, initially surged to a $4.5 billion market cap after Argentina's President seemingly endorsed it on social media. Over 40,000 crypto addresses bought the token. However, insiders quickly sold large amounts of LIBRA, causing a 90% drop in market value. Nansen's research shows that 86% of traders lost a combined $251 million, while the remaining traders profited $180 million, resulting in a net loss of $71 million. The President later deleted his post and disavowed the project. The number of unique holders decreased from over 50,000 to 35,770, and two wallets profited $5.4 million by buying and selling the token within a short timeframe.