In crypto information on Monday, the cryptocurrency market skilled a downturn, with Solana (SOL) and XRP main the decline amongst main digital belongings. Market sentiment has soured with the proliferation of meme coin scams, this time from Argentine President Javier Milei.
The market pullback coincided with the U.S. observing Presidents’ Day, leading to conventional monetary markets being closed. Meaning it’s a quiet crypto information day, with buyers licking their wounds as alt cash proceed to dump.
Solana (SOL) noticed a lower of roughly 4%, with its value reaching round $177.94. Equally, XRP skilled a decline of about 2.5%, buying and selling at roughly $2.62. Ripple’s XRP value has had a powerful few months, and it nonetheless has several bullish catalysts, corresponding to Spot XRP ETF approvals, stablecoin integrations, and tokenization initiatives to supply tailwinds. If the market activates optimistic crypto information, then the XRP value will do nicely.
The XRP value was at $2.62, down 2.5% within the final 24 hours. Supply: XRP Liquid Index (XRPLX) by way of Brave New Coin
The downturn in Solana’s worth may be attributed to a number of elements. A lower in community exercise has been noticed, with the variety of wallets holding greater than 100 SOL declining by 2.24% over the previous two weeks.
Moreover, the current controversy surrounding the LIBRA memecoin, which was promoted by Argentina’s President Javier Milei and subsequently crashed, has dampened investor confidence within the Solana ecosystem. Meme coins have taken over Solana, however there’s an growing notion that insiders rig the sport and retail buyers are being fleeced.
Milei Faces Impeachment
Argentine President Javier Milei faces impeachment calls after endorsing Libra (LIBRA), a Solana-based cryptocurrency that collapsed in what seems to be a $107 million insider rip-off.
Milei promoted the token on X on Feb. 14, inflicting a surge in its market cap to $4.56 billion earlier than it crashed by 94% inside 11 hours. He then deleted the tweet. Insider wallets allegedly withdrew $107 million in liquidity shortly after buying and selling started.
Milei’s deleted X put up. Supply: Kobeissi Letter
Opposition politician Leandro Santoro is pushing for Milei’s impeachment, calling the incident a global embarrassment. Milei denies any direct connection to the mission, calling it a personal initiative, however admits assembly with KIP Protocol, the agency behind Libra, in October 2023.
The Argentine Anti-Corruption Workplace has launched an investigation, and the case is fueling considerations over crypto scams and political endorsements. The collapse echoes the current development of celebrity-endorsed memecoins, together with tokens launched by Donald Trump and Melania Trump.
The Argentine Inventory Market Crash
The Argentine inventory market skilled a major downturn following President Javier Milei’s promotion of the $LIBRA cryptocurrency, which quickly misplaced worth. This incident has led to authorized accusations towards Milei, together with allegations of fraud and breach of public duties, with claims that over 40,000 people suffered losses exceeding $Four billion.
The scenario has additionally prompted discussions a couple of potential impeachment trial. In response, Milei has denied direct involvement, stating he was unaware of the mission’s specifics and has known as for an investigation by the Anti-Corruption Workplace. The controversy has not solely affected the nationwide financial system however has additionally raised considerations in regards to the affect of political figures in monetary markets.
Coffeezilla managed to interview Hayden Davis (Kelsier) one of many massive 4 creators of $LIBRA together with Julian Peh (Kip Protocol), Mauricio Novelli (Tech Discussion board Argentina) and Manuel Godoy (Tech Discussion board Argentina). It was endorsed by Javier Milei on February 14th, 2025. Within the interview he admitted to the LIBRA crew sniping the LAUNCH OF LIBRA, and the MELANIA crew sniping the LAUNCH OF MELANIA. Watch beneath.
Milei Meets Trump
In November 2024, Donald Trump convened with Elon Musk and Argentine President Javier Milei at Mar-a-Lago, Florida, previous the Conservative Political Motion Convention (CPAC) Investor Summit. This marked Trump’s inaugural assembly with a international chief following his electoral victory on November 5.
Throughout a gala occasion, President Milei lauded Trump’s election success, proclaiming that it signified “the forces of heaven [were] on our aspect” and that “the winds of freedom [were] blowing a lot stronger.” Milei, acknowledged for his libertarian stance, delivered remarks in each English and Spanish, denouncing tax programs as mechanisms for “the redistribution of wealth at gunpoint.” He additionally praised Elon Musk, slated to go Trump’s newly established Division of Authorities Effectivity, commending Musk’s social media platform, X, for its function in “saving humanity.”
Since his inauguration in December 2023, President Milei has undertaken vital measures to decrease Argentina’s governmental construction, reflecting his libertarian ideology that emphasizes minimal state intervention and monetary conservatism. These reforms embody lowering the variety of authorities ministries from 24 to eight, downsizing the general public sector workforce by roughly 25,000 staff, implementing complete deregulation throughout numerous financial sectors, imposing fiscal austerity resulting in a 30% discount within the federal finances, and initiating the privatization of state-owned enterprises corresponding to Aerolíneas Argentinas and Intercargo.
Milei now has work to do to persuade his residents he isn’t simply one other scammer.
Trump with Musk and Milei, Supply: X
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