LIBRA Whale Loses $2.78 Million Following Javier Milei’s Retweet

February 19, 2025 by Mutuma Maxwell

• Whale Loses $2.78M on LIBRA Amid Hype Fueled by Argentina’s President Milei
• Price surges 50% before crashing, exposing extreme market instability.
• Milei denies wrongdoing, says crypto can support Argentina’s entrepreneurs.

A whale attempting to profit from the recent hype around the LIBRA meme coin suffered a significant loss of $2.78 million. The investor made two unsuccessful trades following a retweet by Argentina’s President Javier Milei, who shared information about buying LIBRA. The post led to sharp price fluctuations, causing the whale to exit both trades at substantial losses.

LIBRA Whale Faces Major Losses

Lookon-chain data reveals that the whale initially spent 17,450 SOL, worth approximately $3.25 million, to acquire LIBRA tokens. However, the trade ended in a massive loss as the whale later sold the holdings for just 3,200 SOL, or $595,000. This resulted in a staggering 14,250 SOL loss, equivalent to $2.65 million.

In an attempt to recover, the whale re-entered the market after President Milei’s retweet about LIBRA. The investor purchased an additional 2,855 SOL ($531,000) worth of the token. 

Unfortunately, this trade also turned negative, as the whale exited the position with only 2,159 SOL ($412,000), suffering another loss of 696 SOL ($129,000). Consequently, both trades combined led to a total loss of $2.78 million.

LIBRA Price Surges and Crashes

Following Milei’s retweet, LIBRA’s price soared to $0.75 in minutes before experiencing a sharp decline of 50% within hours. The token’s rapid movement showcased the extreme volatility caused by the President’s indirect endorsement. 

As of press time, LIBRA is trading at $0.1041, reflecting a 2.98% decline in the last 24 hours. Despite the weekly 12.70% increase, the token remains unpredictable.

Market data indicates that the Libra Protocol has a 24-hour trading volume of $12.34 million. However, its market capitalization is not available as the circulating supply has not been reported. Investors remain cautious as the token continues to experience sharp fluctuations.

President Milei Defends His Position

Amid growing concerns over the LIBRA scandal, President Javier Milei has denied any wrongdoing. He acknowledged meeting with the token’s creators but emphasized that his intent was never to persuade people to invest. Instead, he stated that his goal was to raise awareness about Argentine businesses adopting cryptocurrency.

During an interview with Todo Noticias, Milei highlighted that he is a technology enthusiast who sees crypto as a tool to finance entrepreneurial projects. His defense follows growing criticism and legal challenges, with some calling for his impeachment over the controversy.

Trend of Celebrity Meme Coins

Celebrity-linked meme coins have been gaining attention, with some experiencing explosive growth before crashing. A notable example is Donald Trump’s TRUMP token, which saw an initial surge but has since plummeted 80% from its peak. Despite this, some analysts remain bullish, predicting a possible price increase to $50 by the end of February.