Time and again, the cryptocurrency industry has witnessed the downfall of several projects. While some failed simply because of a limited user base, a few others were outright scams. The latter is a reason why most celebrities restrict themselves from promoting cryptocurrencies. More recently, Argentina’s president, Javier Milei, was caught up in a controversy regarding the Libra (LIBRA) token. But Milei was seen refuting claims of his involvement.
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A Look Into LIBRA
LIBRA, the native Solana token of the Libertad project, surged to a $4.56 billion market capitalization on February 14th. This was just after Milei wrote about the asset on X. The asset was endorsed as a privately funded initiative aimed at raising capital for small and medium-sized businesses in Argentina. However, once he removed the post, the token’s value dropped 94%. This not only caused chaos but also led to allegations of a pump-and-dump operation.
The asset’s downfall caused an uproar in the community. Reports revealed that a staggering 44,000 individuals were impacted by LIBRA. But the Argentina President dismissed this and suggested that the “best case scenario is 5,000 people”
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“Spreading The Word”
Amidst calls for impeachment, the Argentina President appeared in an interview with local media. He affirmed that he did not advocate the asset. Milei said,
“I did not promote that. What I did, I spread the word.”
Even though Milei says he has “nothing to hide” and operated in “good faith,” he admitted that the experience with LIBRA has taught him “something to learn.” This includes the necessity to “start setting filters” on what behavior is acceptable and unacceptable.
In addition, Santiment revealed that LIBRA is currently one of the most discussed cryptocurrencies in the market. The asset is observing the largest increases in discussions relative to their typical average rates.
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