Rise and Fall of Libra Memecoin: All You Need to Know

Crypto Bazaar took a hit over the weekend after a Memcoin dispute. Argentine President Xavier Mili promoted Libra Memcoin on his official X account last Friday. According to Buenos Aires Herald, his now-free tweet claimed that the token could promote the national economy. The reports indicate that within a few hours of the launch, Libra prices increased by 3,000 percent, leading to its market cap of $ 4.5 billion (about Rs 39,090 crore). However, the procurement frenzy was short -lived.

Emergency and collapse of Libra

The support of President Miley quickly attracted Libra Memcoin to global crypto investors. Within a few hours of its launch, its value increased and then widespread speculation was put on social media. In a specific rug-pull, the developers launched, promoted, promoted, and take losses with benefits while they benefit while they benefit.

In a tweet analyzing tokens, Arkham intelligence Said that it was based on Solana blockchain. The evaluation of Memcoin exceeded $ 4 billion (about Rs 34,730 crore), allegedly began to change. President Miley’s tweet, who promoted tokens, was removed from his X handle – increasing doubt about the validity of the post. Due to this, the price of tokens increased to 95 percent.

Eight crypto wallets that have been identified are connected to Libra tokens, collectively constructs 83 percent of the token supply, block Informed Over the weekend, citing data by Lukanchen.

A blockchain analytics tool, Lukanchen is tracking the Libra tokens throughout the weekend. On 15 February, it was claimed that the ‘Libra team’ internally $ 107 million (about 929 crore rupees), by “adding liquidity, replaced the liquidity and claimed the fee.

According to the Crypto firm IMK, the 24 wallet address recorded a loss of more than $ 1 million (about 8.68 crores) after the Libra price drowned.

The price of the Libra token, which climbed to $ 5 (about Rs 435) after its launch, is currently at $ 0.3678 (about Rs 31), as Dex scannerIts current market cap is $ 367.8 million (about Rs 3,195 crore).

After Libra slope

In early 15 February, President Mili gave a warning, advising people to avoid Tulabandi.

He said, “I didn’t know about the project details, and after being informed, I did not decide to promote it (that’s why I removed the tweet),” he said, it was a political attack on him.

Many Argentina lawyers have now filed complaints against the President Mid, accused of promoting fraud. As Associate PressThe President’s office has denied his participation in the construction of crypto tokens.

Main details related to dispute

Crypto Intelligence firm Bubleps has added the team behind the Libra Memcoin behind the recently launched Memcoins of US President Donald Trump and First Lady Melania Trump. Both $ Trump and $ Melania followed the same patterns as Libra, with a sharp decline with the initial price increase.

Hayden Mark Davis recognizes himself as a strategist launched for Libra. In a YouTube video, he admitted to the Libra and Melania token launching.

An AI-focused web 3 firm called Kip Protocol, which the Argentina government has nominated as Davis, denied any link. “Kip had no commercial behavior with Hayden Mark Davis (” Davis “). At any time, Mr. PEH (CEO) or any other employee of the Kip Protocol did not represent Davis, who was a partner of Kip or there was no other representation about Davis. At any time Davis was not an employee or representative of the kip protocol, ”the firm said.

Kip protocol too Said The launch of the Libra token was handled by a firm called Calsier Venturer, depicted by Davis.

Many details around the Libra token defeat are still not clear.