The crypto space can be as fickle as a cat chasing a laser pointer, and the rollercoaster of the LIBRA token perfectly illustrates this. Launched with great fanfare on Valentine’s Day, this controversial cryptocurrency initially appeared to hold promise, buoyed by unexpected endorsements from high-profile figures like Argentine President Javier Milei. However, what followed was a sharp and dramatic descent that left many investors nursing stewing regrets. A recent report from on-chain analytics platform Nansen reveals that a staggering 86% of LIBRA traders lost a collective $251 million while a select few walked away with a hefty $180 million in profit! Talk about a love story turned tragic! As we dive deeper into this tale of rapid rise and fall, let’s unearth the lessons hidden beneath the surface of LIBRA’s tumultuous journey. LEARN MORE
On-chain analytics platform Nansen has released a report examining the aftermath of the controversial LIBRA token.
Its findings indicate that 86% of traders who bought the cryptocurrency collectively lost about $251 million, while a select group of winners walked away with at least $180 million in profits.
A Rapid Rise and Fall
LIBRA debuted on Valentine’s Day, gaining instant traction after Argentine President Javier Milei appeared to endorse it in a post on X that has since been deleted. The coin was framed as a financial tool to support small businesses in the Latin American country and to boost its economy.
While its market cap quickly skyrocketed to an eye-popping $4.5 billion less than an hour after its introduction, the joy was short-lived. Soon after, Hayden Davis, a key figure behind the project, dismissed it as a meme token, contradicting its initial branding. This kicked off an almighty price plunge that erased much of the coin’s value, a situation that worsened when Milei took down his promotional post following increasing backlash.
