LIBRA Whale Loses $2.78 Million As Javier Milei’s Post Stirs Volatility

LIBRA whale lost a massive $2.78 million in an attempt to ride the wave after Argentinian President Javier Milei reposted the Solana-based meme coin on his X handle. President Milei has responded for the first time after the crypto scandal stating that he didn’t make a social media post regarding it persuading people but rather to raise awareness and support Argentine businesses supporting crypto. This led to solid volatility with LIBRA price shooting $0.75 in minutes, before crashing 50% from there in hours.

LIBRA Whale Incurss $2.78 Million Loss In Recent Trades

A LIBRA whale has faced significant losses totaling $2.78 million after two failed attempts to trade the meme coin. Three days ago, the whale invested 17,450 SOL (approximately $3.25 million) to purchase LIBRA. However, the subsequent sale of their holdings at 3,200 $SOL ($595,000) resulted in a staggering loss of 14,250 SOL, equivalent to $2.65 million.

In a second attempt, following a retweet by Javier Milei about LIBRA purchasing methods, the whale spent an additional 2,855 SOL ($531,000) on the token. Unfortunately, this trade also ended poorly, with the whale selling for 2,159 SOL ($412,000), incurring a further loss of 696 SOL ($129,000), as per the on-chain data by SolScan.

After surging to $0.75 earlier today, the LIBRA price is down 50% trading at $0.3625 as of press time. However, it is still trading 34% up on the daily chart while its daily trading volume has surged by 740% to $162 million amid the LIBRA whale. Today another pump and dump in the meme coin has trapped traders looking to make a quick buck amid a massive $4.5 billion insider trading activity.

Argentina President Javier Milei Claims No Wrongdoing

As the LIBRA meme coin scandal busted, Argentina President Javier Milei came out defending himself following major lawsuits along with calls of impeachment against him. President Milei confirmed meeting with the creators of the LIBRA memecoin but emphasized that his social media posts were not intended to persuade people to invest.

Instead, Milei stated that his intent was to raise awareness about the initiative, which aims to support Argentine businesses through the use of cryptocurrency. In an interview with local television station Todo Noticias, Milei said:

“I’m not an expert. My specialty is economic growth, with and without money. As a guy who’s a super technology enthusiast seeing the possibility of a tool to finance entrepreneurs’ projects, I spread the word.”

Celebrity meme coins have been a rage recently, especially after Donald Trump launched the TRUMP meme coin during his inauguration in January. Following the initial euphoria, the TRUMP price has crashed nearly 80% from the peak and is currently trading around $16.6. However, market analysts still remain optimistic about a TRUMP price rally to $50 by the end of February.