GuShiio.com In the cryptocurrency market, early entry is often regarded as a profit code, but the collapse of Libra tokens has torn apart the cruel truth hidden behind this “speed game.”
Author: Frank, PANews
In the cryptocurrency market, early entry is often regarded as a profit code, but the collapse of Libra tokens has torn open the cruel truth behind this speed game. Chain data shows that more than 27% of large households received the offer at a high of US$2.5 within half an hour of issuing the coin, while the mysterious address made a profit of more than US$2 million through precise sniper attacks. When the president’s endorsement becomes a harvesting tool and platform insiders turn into rushing hunters, this MEME coin carnival, which is riddled with insider trading and regulatory gaps, is pushing retail investors into the abyss of systemic strangulation.
Nearly 30% of large households took over at a high level, and early buyers became the hardest hit area with losses.
PANews conducted an in-depth analysis of the addresses of the top 1000 positions held as of February 17. Judging from the overall purchase cost, the average initial purchase cost of the top 1000 large currency holders is approximately US$1.01. Among them, a large number of users have an initial purchase cost of about US$2.50, and the number reaches 254, accounting for about 27.7%. That is, nearly 30% of large households stood on the top of the mountain when they first bought. For users with the lowest buying price, the price is about US$0.15.
In terms of time, users with buying prices at the top of the mountain basically bought within half an hour of issuance, while users who bought at low prices mostly started to intervene the next day. According to past experience, the earlier you buy, the more likely you are to get low-priced chips. However, the trend of Libra has broken the previous market rules. The earlier users enter, the more severely they will be cut off. This also reflects that the hype cycle for MEME coins seems to be getting shorter and shorter.
Judging from the scale of funds invested, Libra’s victims seem to be mainly small and medium-sized retail investors, with the average initial purchase capital of the top 1000 addresses being US$9696. This investment size is far from TRUMP’s average initial purchase size of US$590,000 at that time.
In terms of price range, Libra prices hit as high as US$4.56, with the initial purchase price of most large households above US$2.5, followed by the US$0.3 – 0.4 range. There are few large players entering the market between $1 and $2.50. There may be several main reasons for this phenomenon. First, with the rapid collapse of prices, many large early holding companies have already cleared their positions. Second, it can also be seen from the market that the price range of US$1 to US$2.5 stayed for a short time and lasted for less than 10 minutes during the previous surge. This range seems to be occupied by many insider traders, and they have dispersed and cleared the tokens. In the process of plunging, it seems that no big player is willing to take over in this price range.
In terms of time distribution, most large holding companies concentrated their initial purchases on February 14, the day of issuance. Although this group seized the time advantage, the end of this time’s competition was tragic.
TRUMP’s high-profit address appears again, and operation details may point to insiders
Previously, when PANNews analyzed TRUMP tokens, it found one of the strongest buying addresses, 6QSc2CxSdkUQSXttkceR9yMuxMf36L75fS8624wJ9tXv (hereinafter referred to as 6QSc2). The address once spent US$1.09 million to buy 5.97 million tokens within one minute of TRUMP token issuance, with a maximum profit value of US$477 million. Judging from the operating time, amount of money invested, and social media discussions, this address is most likely Jupiter’s insider address.
During the release process of Libra, the association of this address was once again involved. cGxeYN6F7T9aELwjLPeL3hnJNscGU7EHg 5CESP 4B3Hz (goofyah.sol) This address is the main address participating in this purchase. This address has previously received 6QSc2 TRUMP tokens. At 22:02 on February 14, two minutes after Libra was launched, goofyah.sol again spent US$5.7 million to purchase approximately 5 million Libra tokens. All of them were sold within one hour, with a total sold amount of approximately US$7.34 million. The profit was approximately $1.6 million. However, compared with the last time the TRUMP token finally made a profit of more than US$20 million, the gain from Libra this time is obviously not much.
On February 17, Javier Milei forwarded the LIBRA token purchase tutorial on X. After LIBRA briefly rose above US$0.7, it fell below US$0.5 within an hour. In the process, the address invested another $5 million in a brief band operation, making a profit of approximately $500,000.
Through these two associated wallet operations, the wallet address was considered an insider for several reasons. First, this address has repeatedly attacked other tokens, such as HAWK, CHILLGUY, etc., and the operating methods are basically the same. Second, during the two purchases of presidential tokens, the scale of normal transactions with this address changed significantly. Previously, daily purchases at the address were approximately hundreds of dollars. However, millions of funds were invested in these two token attacks. There is no other reason for the person in charge of the address to be abnormal except being completely sure. Third, the precise control of the buying time is also worth noting. These two snips were concentrated in the first 5 minutes after the token was released, and funds were collected in advance.
Judging from the details of various chain operations, these sniper addresses are likely to be related to personnel who knew the inside story in advance, and have formed a set of skilled operating methods. Discussion on social media suggests Jupiter insiders are behind the addresses.
About 74,000 addresses suffered losses, and multiple interested parties cleared their responsibilities
However, since the initial trend of previously issued tokens was still healthy, and the early holders were basically able to appear profitably, not many people delved into these rat positions. In this Libra issuance, there were obviously more complex forces involved, causing the token to collapse in a short period of time, and countless coin holders suffered serious losses.
According to statistics from cassielawyer, about 74,000 addresses on Libra suffered losses, with a total loss of more than $280 million. Among them, the loss amount of more than 70,000 addresses was below US$10000. Amid public outrage, the shady investigation behind Libra has also become the hottest topic on social media.
On February 17, LIBRA project consultant Hayden Davis admitted that the project team had sniped when LIBRA was launched. KIP Protocol, another market maker suspected of participating in RUG, said it did not participate in the token issuance and market making process.
Under criticism, Ben, the head of Meteora, announced his resignation on February 18, but a public statement showed that the main reason for his resignation was oversight rather than his personal participation in the token RUG. Ben issued a statement saying,”Platforms and individuals have never received or managed any tokens privately, nor have they participated in offline transactions, and all token releases are strictly confidential. Few people at Meteora have access to any release information, usually only the person who knows the release time, and only provides the token/pool address to me and one or two engineers on duty (if any) a few minutes before the actual release,”” For $LIBRA, there is no involvement in the project at all other than providing IT support, including commenting on the liquidity curve and helping verify the authenticity of the token after the token is publicly launched.”
Jupiter’s founder also issued a lengthy article on the matter and said he would hire an independent third party (law firm Fenwick West) to investigate and issue a report. However, social media didn’t buy it, pointing out that the law firm was FTX’s former main counsel. It is reported that Fenwick West was also filed a class action lawsuit in 2023, accused of setting up a “shadow entity” to assist FTX’s fraud.
The party involved in the storm, Argentine President Javier Milei, was also sued by lawyers for fraud. However, Milei said he was innocent throughout the process and forwarded the LIBRA purchase tutorial in the early morning of February 18, causing the LIBRA price to experience significant fluctuations. Milei also said in a television interview today that he acted in good faith, but suffered a blow. “The country has no losses. Argentines have lost at most four or five. The vast majority of investors are China and Americans.”
Since U.S. President Trump issued tokens in early 2025, politicians from various countries seem to have found a new way to make money, that is, to harvest global investors by issuing MEME coins. According to statistics from blogger Pump Superman, among the 11 celebrity tokens recently issued, 6 have returned to zero, all of which have dropped by more than 70%, and most have dropped by more than 90%.
In fact, celebrity tokens never seem to be a wealth code. When PANNews previously analyzed TRUMP tokens, it had pointed out that the biggest increase in TRUMP was not large, but the higher market value seemed exaggerated. For those with large profits, the main reason is nothing more than that the investment principal is sufficient. For retail investors, such tokens, which are full of conspiracy or highly manipulated, have little chance of winning. Milei also said that those who participate are very aware of the risks they bear-they are volatility traders, which is a private matter between individuals and participate voluntarily.
