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“I spread the word,” Argentine President Javier Milei reportedly stated in a TV interview yesterday defending his promotion of Libra.
Milei appears fairly set in denying any wrongdoing within the Libra fiasco, regardless of selling the coin on his personal social media and watching it tumble greater than 90% in a single day after briefly hitting a $4.5 billion market cap.
For Milei, who admitted he’s not an “expert,” the shortage of judgment right here is probably career-damaging. And my use of “potentially” there’s beneficiant given Milei’s excuse that his specialty is “economic growth, with and without money.”
Monday morning noticed the S&P Merval index — the benchmark inventory market index for Argentina — fall over 5%. Thoughts you, for the oldsters who don’t sustain with the Argentinian economic system, it simply exited a recession.
As Galaxy’s Alex Thorn identified, that is simply the newest Solana memecoin debacle after TRUMP and MELANIA earlier this 12 months. And that’s going to result in some probably painful questions.
“While a souring memecoin narrative had already begun following the liquidity suck caused by $TRUMP’s launch, the fallout from the $LIBRA launch and dump could result in further destruction of the memecoin complex, thus reducing the market’s need to hold SOL,” Thorn wrote in a be aware.
This saga, nevertheless, has all of the drama: A president in sizzling water, onchain knowledge displaying insider promoting, and — as of late final evening — an government departure.
Ben Chow, co-founder of Meteora (which was used to create liquidity swimming pools for LIBRA), resigned late Monday after the scandal.
Previous to Chow’s resignation, he stated: “Meteora and I personally, have never received or managed any tokens on the side, do not receive knowledge or get involved with any offchain dealings, and we keep to the highest levels of confidentiality for any token launch happening on our platform.”
Meow, who based Jupiter and co-founded Meteora, stated he believes Chow’s assertion that there wasn’t any “financial inappropriateness in dealing with partners” however that he had “shown a lack of judgment and care about some of the core aspects of the project.”
For Thorn, that is simply the newest “sordid episode of Solana’s memecoin complex.”
Right here’s the factor: There’s now a sample of memecoin launches tied to political figures and I can’t be the one one watching it happen with discomfort.
There’s no denying that memecoins have had fairly the run, however — as Thorn identified — one of these exercise might simply result in the market decreasing general positions in SOL.
Which leaves me questioning: The place can we go from right here?
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