VanEck Exec Remains Optimistic On LIBRA Meme Coin Despite Rug Pull Concerns

VanEck executive Gabor Gurbacs reflected a highly optimistic outlook towards the Argentinian President-backed LIBRA meme coin on Wednesday despite recent rug pull concerns. Notably, Gurbacs thinks that President Javier Milei can ‘fix the meme coin issues,’ and help the nation embark on an innovative path again ahead. Conversely, the recently launched meme token extended its loss to nearly 72% amid scam and rug pull allegations.

VanEck’s Gabor Gurbacs Weights Optimism On Libra Meme Coin

In an X post dated February 19, Gabor Gurbacs said, “President Javier Milei had a great vision for the free competition of currencies, including payments in fiat, Bitcoin, WTI, BTU, and other real-world assets.” In light of this belief, Gurbacs reflected optimism surrounding the President’s future decisions that could help fix the ongoing LIBRA meme coin complications.

The VanEck exec invited the Argentinian President to talk on vitalities that could mitigate such losses. Gurbacs reiterated the President in another post, “Feel free to call anytime to reference check people and companies,” warning against the sheer number of scams and risks across the sector.

LIBRA Meme Coin Faces Setback Amid Rug Pull Concerns

Meanwhile, the new meme token, backed by President Javier Milei, saw a downfall soon after its inception into the market. CoinGape reported that project insiders cashed out $107 million after a huge surge, dragging LIBRA coin’s price down 90%.

Nevertheless, the Argentinian President claimed no wrongdoing, further sparking market speculations and token volatility. In turn, the crypto landscape saw an investigation launched into the matter, adding to heat on price dynamics.

President Javier Milei ordered an investigation into the launch of the meme coin and its links to the KIP Protocol. Nevertheless, the renowned VanEck exec believes that the rug pull concerns could be negated and worked on moving ahead, given the President’s pro-crypto vision.

Meme Token’s Price Loses Alarming Value

As of press time, LIBRA coin price fell over 20% in the past 24 hours, closing in at $0.2676. Its intraday low and high were $0.2617 and $0.3526, respectively. CoinMarketCap data revealed that the coin extended its loss to over 72% since launch. Crypto traders and investors have an extremely low-risk appetite for the asset amid unsure market dynamics.

On the other hand, it’s worth mentioning that Hayden Davis, CEO of Kelsier Ventures, was earlier speculated to be involved in the setback by making payments to President Milei, Coindesk reported and soon deleted. Nevertheless, Davis broke the silence, denying such claims whilst the market awaits further details on the matter as well as the meme coin.