A tweet from Argentina's president Javier Milei promoted a memecoin called Libra, which he described as a "private project [that] will dedicated to encouraging the growth of the Argentine economy by funding small Argentine businesses and startups". The token quickly soared in price as traders poured in.However, within hours of the launch, insiders began selling off their holdings of the token. The token had been highly concentrated among insiders, with around 82% of the token held in a small cluster of apparently insider addresses. Those insiders cashed out around $107 million, crashing the token price by around 95%.After the crash, Milei deleted his tweet promoting the project. He later claimed he was "not aware of the details of the project and after having become aware of it I decided not to continue spreading the word (that is why I deleted the tweet)."
How many times are people going to fall for this? Someone launches a new crypto and hypes it up, a bunch of random people buy into the hype, prices take a huge nose dive, repeat ad nauseam.
I’m sure a bunch of people buy knowing it’ll collapse, but thing they’re so smart and savvy they’ll sell it just in time to get rich
I mean, with all due respect, mostly these memecoins aren’t promoted by presidents of countries with sized economies as investment opportunities.
Because there will always be a new naive generation (aside from those severely mentally ill), a share of people will ALWAYS fall for it. Every year, new people will fall for it
So don’t be surprised, be informed.
Well, these were most likely Milei’s voters, so what could you expect?
It’s scamming the true believers and creates an obfuscated channel for the oligarchs to deliver the carrots / bribes. When Trump launched his memecoin and got a question he waved at the tech billionaires and said “it’s peanuts for these guys”. Unfortunately nobody followed up with asking if that meant those guys were the ones transferring money to Trump through the memecoin.
Yeah this is why we have regulations and consumer protection, or should have.
If you are not an insider, don’t buy, simple as that. And even if you think you are, are you really? Were you invited to the lavish opening party with the flamingos and the dancers at the huge mansion with two pools and all that? If not, then you are at the bottom of the totem pole, much like anybody else. Your designated role is to funnel your own money upward.
If yes then you’re definitely the mark.
The real test is whether you’re included in the 5 person Signal group they coordinate the date and time to dump