The Argentine president's debunkment after issuing Meme coins has aroused public anger. Whoever makes money will be cut?

Author: jk, Odaily Planet Daily

At around 6:00 Beijing time this morning, Argentine President Javier Milei posted a tweet that caused shock in the market through his official X account: he announced the launch of Meme Coin Libra and announced the relevant smart contract address.

Once the news was released, the market news was very diverse. Some people thought that the Argentine presidential account was stolen, and some Meme players began to rush into the market directly (old players have been fully educated, and it doesn’t matter whether it is true or false). Previously, LIBRA's price exceeded US$7.8 in a short period of time, and its total market value once reached US$3.5 billion. Soon, Milei 's Instagram account also posted screenshots of the same tweet , quickly erasing the claim that it was stolen (because the possibility that the two accounts on Instagram and X platforms were stolen at the same time was very low), further exacerbating the market's confrontation. Milei's attention to the issue of coin.

But the market trend next slapped all investors in the face. Unlike Trump and Melania coins, which have a slightly longer upward cycle, Libra has embarked on the classic route of cutting leeks. After rising above $4, Libra began to fall like a waterfall: from $4 to around $2, then hit a brief platform period around $1, and finally fell to around $0.16 today. It can be said that Libra is completely cold now.

The president himself later deleted the tweet and claimed he "didn't know much about the project."

Libra's trend, source: GeckoTerminal

What does Libra do?

According to a tweet from President Milei several hours ago, the project Viva La Libertad, which is mainly intended to promote the Argentine economy by funding small projects and local businesses, supporting those seeking to develop businesses and contribute to national development. the person. On the project's website, it also shows that as long as private enterprises in Argentina can apply for investment by filling out a form.

At the bottom of the website, there is a small line that indicates that the project is a private project developed by Kip Protocol. Later, Kip Protocol also emphasized that the LIBRA token is part of the "Viva la Libertad" project, which is operated entirely by private enterprises and that Argentine President Milei was not involved in the development.

Who is the one who makes a profit?

And the severance of investors will inevitably be accompanied by someone making a profit. Who is making a profit? The data points to the team behind it and the early snipers. According to the monitoring of blockchain analysis platform LookOnChain, the eight wallets related to the LIBRA team have cashed out 57.6 million USDC and 249,671 SOLs (approximately 49.7 million) by increasing liquidity, removing liquidity and charging transaction fees. USD), total amount of USD 107 million.

In terms of early snipers and rat trading, according to data analyst Ember Monitoring on the chain, LIBRA insider profited at least 20.18 million through LIBRA. This address operation took the USDC and SOL to prepare funds through CEXs such as Binance, Bybit, Kucoin, etc. in a few hours before the tweet was released; it sniped buying was made in the first second of the tweet by the Argentine president; it pushed LIBRA up in the market All sold in batches. Among them, at least 3 addresses have the same operation.

So, most of the anger of investors is currently directed to Kip Protocol; no wonder they posted a post on X platform saying “Libra is a success.”

Tweet, source: Kip Protocol X

It is not clear that the team behind Libra is pointing only to Kip Protocol. At the same time, some netizens revealed that Kip Protocol may have some relationship with Animoca, but then Animoca immediately came out to clarify that it had nothing to do with Libra 's token issuance.

At the same time, some community members pointed out that the reason why a considerable number of investors rushed in was because Libra 's token address can be searched on Moonshot. But this is actually a misunderstanding; unlike Trump, which can be searched and purchased with real official certification, LIBRA tokens have not passed the official certification of the Moonshot platform, but have used the platform's latest "token registration function" ” Show it. The Moonshot platform allows users to search for items by contract addresses, but does not verify them and labels a risk warning on the page. If you only search for the name Libra, you will not be able to search.

At the same time, against the backdrop of violent market fluctuations, Solayer team member Chaofan Shou posted on the X platform that he and team engineer @tonykebot lost more than $2 million in the LIBRA transaction, and attached a list of KIP Protocol core members, implying that they may take action. Shou also captioned: " Let's see what two hackers and a free weekend can bring to us."