LIBRA, a new meme coin launched by the Argentinian President, is gaining significant attention because of its controversial launch and tremendous price declines within a few hours. Data reported by crypto analyst Data Nerd spotted a whale who had made massive losses following his investment in LIBRA.
Whale losses $2.1 million on LIBRA
Today, the whale bought 659,000 LIBRA tokens worth $2.5 million at an average price of $3.79 per coin. Four hours later, the whale sold the entire tokens for $392,000 with a realized loss of $2.1 million, according to data shared by crypto analyst Data Nerd.
The whale’s activity signals potential sell-offs and a change of investor sentiment to bearish. Also, the action suggests investors seem unwilling to hold their tokens longer because of LIBRA’s dramatic price decreases over several hours.
LIBRA price updates
Yesterday, on Friday, the President of Argentina, Javier Milel, posted about a meme coin known as LIBRA on the X platform. He highlighted that the cryptocurrency is a private project committed to enabling the growth of the Argentine economy.
The LIBRA meme coin was launched on Friday, Feb. 14, 2025. The token experienced excellent trading performance, suggesting investors increasingly accumulated the assets with hopes of potential growth. Consequently, the asset’s price rose steadily, reaching a record high of $0.15 by 11:00 PM.
A few hours after its launch, some investors expressed uncertainty about the project’s legitimacy. However, several Argentine politicians shared news of the asset’s rollout on social media, therefore affirming that the president’s account was not compromised.
However, the project’s website looked suspicious. When clicked, it leads to a Google Form for financing applications, which is a strange thing for a project with such a mission. Its domain name also looked unusual.
With no time, some big token holders began selling their LIBRA tokens. As a result, the asset crashed within seven hours of its launch, triggered by insiders cashing out their millions of dollars from the project.
The collapse of the meme coin led to a massive loss of $4.5 billion in user funds, marking it one of the most rapid and biggest financial catastrophes in retail trading history.
