GuShiio.com Unlike Trump coins and Melania coins, which have slightly longer rising cycles, Libra has embarked on the classic route of cutting leeks.
original| Daily Planet
author| jk
At around 6 o’clock Beijing time this morning, Argentine President Javier Milei posted a tweet that caused market shock through his official X account: He announced the launch of Libra, the Meme coin, and announced the address of the relevant smart contract.
Once the news was sent out, the market news was very diverse. Some people thought that the Argentine President’s account was stolen, and some Meme players directly began to rush into the market (the old players have been fully educated, and it doesn’t matter whether it is true or false). Odaily previously reported that the price of LIBRA briefly exceeded US$7.8, and the total market value once reached US$3.5 billion. Soon, Milei’s Instagram account later posted a screenshot of the same tweet, quickly erasing the claim that it was stolen (because the possibility of both Instagram and X platform accounts being stolen at the same time was very low), further exacerbating the market’s attention to Milei’s coin issue.
But the next direction of the market hit all investors in the face. Unlike Trump coins and Melania coins, which have slightly longer rising cycles, Libra has embarked on the classic route of cutting leeks. After rising above $4, Libra began to fall like a waterfall: it fell from $4 to around $2, followed by a brief plateau at around $1, and finally fell to around $0.16 today. It can be said that Libra is completely cold now.
Later, the president himself deleted the tweet and claimed that he “didn’t know much” about the project.
Trend of Libra, source: GeckoTerminal
What does Libra do?
According to President Milei’s tweet a few hours ago, the project tied to Libra (Project Viva La Libertad) mainly hopes to promote Argentina’s economy by funding small projects and local businesses, supporting those who seek to develop businesses and contribute to the country’s development. On the project’s website, it also shows that any private company in Argentina can apply for investment by filling out a form.
At the bottom of the website, there is a line of small print indicating that the project is a private project developed by Kip Protocol. Later, Kip Protocol also emphasized that the LIBRA token is part of the “Viva la Libertad” project, which is entirely operated by private companies and Argentine President Milei did not participate in the development.
Who is the person who benefits?
If investors are cut off, it will inevitably be accompanied by some people making profits. Who is making profits? The data points to the team behind it and the early snipers. According to monitoring by blockchain analysis platform LookOnChain, eight wallets related to the LIBRA team have cashed in a total of 57.6 million USDC and 249,671 SOL (approximately US$49.7 million) by increasing liquidity, removing liquidity and charging transaction fees. The total amount reaches US$107 million.
In terms of early snipers and rat positions, according to monitoring by online data analyst Ember, LIBRA’s insider traders made at least 20.18 million yuan in profits through LIBRA. In the hours before the tweet was released, the address operation proposed USDC and SOL to prepare funds through CEXs such as Binance, Bybit, and Kucoin; it sniped and bought at the first second after the Argentine President’s tweet was released; and it sold all in batches after the market pulled up LIBRA. Among them, at least 3 addresses have consistent operations.
Therefore, most of investors ‘anger is currently directed towards Kip Protocol; it is no wonder that they posted a post on platform X saying that “Libra was a success.”
Tweets, source: Kip Protocol X
It is unclear that the team behind Libra only points to Kip Protocol. At the same time, some netizens found out that the Kip Protocol might have a certain relationship with Animoca, but then Animoca immediately came out to clarify that it had nothing to do with Libra’s token issuance.
At the same time, some community members pointed out that the reason why a large number of investors rushed in at the first time was because Libra’s token address could be searched on Moonshot. But this was actually a mistake; unlike Trump, which can be found and purchased with real official certification, the LIBRA token has not passed the official certification of the Moonshot platform, but uses the platform’s latest “token registration function” to display. The Moonshot platform allows users to search for items through contract addresses, but does not verify them and carries risk warnings on the page. If you only search for the name Libra, you will not find it.
At the same time, against the background of violent market fluctuations, Solayer team member Chaofan Shou posted an article on the X platform stating that he and team engineer @tonykebot lost more than US$2 million in the transaction, and attached a list of core members of KIP Protocol, hinting that action might be taken. “Let’s see what two hackers and a free weekend can bring us,” Shou also wrote in an article.
