Solana-based cryptocurrency $LIBRA soared over 60% after Argentina’s President Javier Milei retweeted a tutorial from Darion Epstein, a director of research, on how to purchase the token. The retweet sent the token’s price skyrocketing, with the market cap briefly reaching $4.5 billion.
Meanwhile, Darion Epstein has made a follow-up tweet clarifying that he only made the tweet to show that it wasn’t easy for an ordinary person to buy the memecoin.
“It is not an endorsement, tutorial, or recommendation. The description is solely to show how difficult it is for an average investor, who doesn’t belong to the ecosystem, to make the purchase. Don’t mislead people,” he said. However, the tweet has made more traders to rush back to buy the token
Milei promoted the $LIBRA token on Valentines day as a private initiative to stimulate Argentina’s economy by funding small businesses. Upon the launch, the token saw a massive pump but later crashed, with its value losing more than 90%.
Another Pump and Dump?
The initial surge in the token’s value came with a lot of questions about its legitimacy. 82% of the $LIBRA token’s supply had already been unlocked across multiple addresses, which some believed indicated centralized control over the token.
The project was tied to KIP Network Inc. and its KIP Protocol, a Web3 framework for AI applications. On the project’s website, a note appeared that stated, “Private Initiative project developed by KIP Network Inc. © 2025.”
After the crash on Feb 14, Milei deleted his tweet, claiming that he had no prior knowledge of the project’s details. He said he stopped promoting it once he learned more. However, the backlash continued, with Argentina’s fintech chamber suspecting it could be a “rug pull,” a practice where creators inflate the value of a crypto token before selling it for profit.
Trader Cashed out $3.3 million
According to Lookonchain, President Milei made the retweet, a user named “goofyahh.sol” quickly invested $5 million in $LIBRA and made an unrealized profit of $2.8 million. Soon after, the user sold off all his tokens, making another profit of $497,000.
Also Read: Influencer Dave Portnoy Loses $5.34M in $LIBRA Token Crash
