LIBRA Whale Loses $2.78 Million Amid Volatility Following Javier Milei’s Defense
February 18, 2025 – A LIBRA whale has incurred a staggering loss of $2.78 million after two failed trades, attempting to capitalize on the recent volatility surrounding the meme coin following Argentinian President Javier Milei’s defense of his controversial social media post.
Key Highlights:
- Failed Trades: The whale initially invested 17,450 SOL (approximately $3.25 million) in LIBRA but sold at a significant loss, resulting in a total loss of 14,250 SOL (around $2.65 million). A subsequent trade led to an additional loss of 696 SOL ($129,000).
- Market Reaction: LIBRA’s price surged to $0.75 after Milei’s retweet but quickly plummeted by 50%, trading at $0.3625 shortly thereafter. This volatility has been attributed to a combination of speculative trading and the fallout from Milei’s endorsement.
- Milei’s Defense: President Milei defended his actions, stating that his post aimed to raise awareness about cryptocurrency and support local businesses, not to promote investment in LIBRA. However, he faces scrutiny and potential legal action amid allegations of fraud related to the token.
- Legal Investigations: An Argentine judge has been appointed to investigate allegations against Milei concerning his involvement with the LIBRA cryptocurrency, which has sparked significant controversy and calls for impeachment.
The situation highlights the risks associated with meme coins and the impact of political endorsements on market dynamics.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly risky, and you could lose your entire investment.