A tweet from Argentina's president Javier Milei promoted a memecoin called Libra, which he described as a "private project [that] will [be] dedicated to encouraging the growth of the Argentine economy by funding small Argentine businesses and startups". The token quickly soared in price as traders poured in.However, within hours of the launch, insiders began selling off their holdings of the token. The token had been highly concentrated among insiders, with around 82% of the token held in a small cluster of apparently insider addresses. Those insiders cashed out around $107 million, crashing the token price by around 95%.After the crash, Milei deleted his tweet promoting the project. He later claimed he was "not aware of the details of the project and after having become aware of it I decided not to continue spreading the word (that is why I deleted the tweet)."
How many times are people going to fall for this? Someone launches a new crypto and hypes it up, a bunch of random people buy into the hype, prices take a huge nose dive, repeat ad nauseam.
Because there will always be a new naive generation (aside from those severely mentally ill), a share of people will ALWAYS fall for it. Every year, new people will fall for it
So don’t be surprised, be informed.