President Milei reposts a tutorial on buying $LIBRA, drawing heavy criticism after the cryptocurrency's value crashed, leading to over $4 billion in losses.

The crypto market is faltering this week, and Solana is stumbling more than most as a cooling memecoin craze depresses coin prices to their lowest level in several months. The crypto market overall is currently down after last week’s historic ByBit Bitcoin is down 12% in the last seven days,

LIBRA’s collapse triggered fraud claims, insider trading accusations, and calls for Argentine President Javier Milei’s impeachment.

The Solana-based token LIBRA linked to Argentine President Javier Milei showed major market volatility through a quick spike followed by a steep decline in its value. Nansen Research data shows that value losses amounting to $251 million occurred from trading decisions made by 86% of participants.

After Javier Milei’s meme coin endorsement, a little-known advisor to the Argentine president said he’s been left holding a $100 million bag.

LIBRA, a Solana-based project that President of Argentina Javier Milei tweeted about on Feb. 14, saw its market cap rise as high as $4.5 billion and then fall more than 80% within a couple of hours as insiders cashed out, leaving many bag holders with massive losses.

On Jan. 19, Solana ( SOL -3.96%) hit a new all-time high of $294, and all lights were flashing green for 2025. The incoming Trump administration promised to make crypto great again, and Solana looked like it was going to be one of the biggest beneficiaries of the White House's new pro-business approach to crypto.

It was unclear if any money was exchanged between Davis and Milei's inner circle in advance of Libra's launch.

Argentine President Javier Milei is facing calls for impeachment after promoting a little-known cryptocurrency, whose price soared then collapsed after his endorsement, leading to losses for thousands of investors.

Calls are growing for Javier Milei, the controversial Argentine president embroiled ... to make this space safer for users,” said Chris Chung, founder of Solana swap platform Titan. “Overall, this entire story is a real setback for the crypto space.

Argentine lawmakers are pushing to impeach President Javier Milei after a crypto scandal wiped out hundreds of millions of dollars in investor funds