The intersection of politics and cryptocurrency took a dramatic turn on February 15, 2025, when Argentina’s President, Javier Milei, found himself at the center of a meme coin controversy. His endorsement of a cryptocurrency called LIBRA sent shockwaves through financial markets, with the token experiencing meteoric highs before plummeting within hours. This incident not only fueled the “Argentina president meme” trend online but also raised serious concerns about financial accountability and regulatory oversight in the crypto space.
LIBRA, a newly launched meme coin, gained instant traction after President Milei publicly endorsed it on social media. He claimed that the project was part of a private initiative aimed at fostering Argentina’s economic recovery and helping small businesses. His post included the token’s contract address, which immediately triggered a frenzy of investor activity. LIBRA’s price skyrocketed to nearly $5 per token, pushing its market capitalization close to $50 billion.
However, the excitement was short-lived. Within hours, LIBRA’s value collapsed by over 90%, leaving many investors in financial distress. The sudden crash led to suspicions of market manipulation, with critics questioning whether the president had unknowingly participated in a pump-and-dump scheme.
Was LIBRA a Scam?
Blockchain analysts soon uncovered troubling patterns in LIBRA’s trading activity. Reports indicated that a small cluster of addresses controlled more than 80% of the total token supply. As the price surged, these wallets began offloading large amounts of LIBRA, cashing out millions before the crash. In total, an estimated $87 million was siphoned out in what many suspect was a premeditated “rug pull.”
The revelation sparked outrage, with investors demanding answers. Was President Milei complicit, or was he merely a high-profile figure caught in a speculative frenzy? His sudden deletion of the promotional post only added to the mystery.
President Milei’s Response and Political Fallout
As backlash mounted, Milei distanced himself from LIBRA, stating that he had not been fully aware of the project’s details when he endorsed it. He emphasized that he had no financial ties to the token and that his intent was solely to promote private-sector innovation.
Nevertheless, opposition leaders seized on the controversy, calling for an investigation and even suggesting impeachment proceedings. Critics accused Milei of reckless behavior, arguing that a sitting president should not be involved in speculative financial ventures without due diligence.