Argentine President Javier Milei's memecoin launch was marked by extreme volatility, with LIBRA's market cap soaring above $4 billion before plummeting to under $200 million in hours—much more dramatic than previous celebrity-backed tokens. Following this financial disaster, notable crypto figures acknowledged trading on insider information, with Barstool Sports CEO Dave Portnoy revealing a $5 million investment in LIBRA, unlike the majority of traders who faced significant losses. Real-world consequences ensued, including a lawsuit against Milei and significant drops in Argentina's stock market and Solana's value. This incident prompted public outcry among the crypto community, signaling a potential shift in sentiment towards memecoins and raising concerns about future trading in this sector. While past overpriced tokens were more easily dismissed, the backlash surrounding LIBRA appears to be more severe, suggesting that the memecoin environment could be facing tighter scrutiny moving forward. However, industry experts believe that memecoin trading will likely remain resilient despite the turmoil, indicating an ongoing fascination with such investments.

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