Milei’s meme madness dampens Argentine stock market

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When Memes Attack: Argentina’s Stock Market Goes on a Wild Ride! 😂💸

Hold onto your hats, folks! Meme coin tremors have shaken Argentina’s stock market like a maraca at a fiesta! 🎉 President Javier Milei is in hot water, being sued over the launch of the LIBRA token. Who knew memes could be so dangerous? 🤔

The S&P Merval, Argentina’s stock market index, took a nosedive of 5% faster than you can say “meme-orable mistake!” on Feb. 17. It was a wild weekend, folks! The index, which tracks Argentina’s biggest companies (think of it as the S&P 500’s quirky cousin), managed to recover 2% but still couldn’t shake off the hangover from last week’s party, according to Yahoo Finance. 🍾

Speculators are pointing fingers, claiming that a legal complaint against President Milei is the reason for the S&P Merval’s dramatic decline. I mean, who doesn’t love a good lawsuit to spice things up? 🥳

Last weekend, developers launched the LIBRA token through the Solana meme platform Pump.fun. Yes, you heard that right—Pump.fun! Milei was all in, tweeting about LIBRA like it was the next big thing since sliced bread, but then he hit delete faster than a bad Tinder date. 🍞💔

Meanwhile, sovereign-tied meme coins are like unicorns—rare but everyone wants one! After U.S. President Donald Trump’s official TRUMP token skyrocketed to a $70 billion valuation, it’s no wonder everyone’s scrambling for a piece of the meme pie! 🦄🥧

But wait! Despite LIBRA’s massive trading volume, it crashed 90% from its $4 billion peak faster than you can say “oops!” President Milei deleted his tweet, and his office opened an investigation into the meme coin. According to the Associated Press, a domestic lawsuit is alleging that Milei engaged in fraud. Yikes! 😱

Milei’s office is waving their hands in denial, insisting they had no insider knowledge of LIBRA. “We didn’t see it coming!” they say, like a deer caught in the headlights of a meme truck. 🦌🚚

Kelsier Ventures CEO Hayden Davis, who’s like the meme coin whisperer, admitted he and his team sniped the token. That’s right, folks! They bought a huge chunk of the token’s supply at launch. It’s like a game of musical chairs, but someone always ends up with the chair! 🎶🪑

In a YouTube interview with CoffeeZilla, Davis confirmed he pulled about $100 million from LIBRA’s on-chain liquidity. He told Barstool Sports founder Dave Portnoy he doesn’t plan to cash in the proceeds. Instead, he’s going to consult with President Milei and Argentina’s government. Because nothing says “trust me” like a meme coin consultant! 🤝💰

Meanwhile, LIBRA surged over 60% after Milei unexpectedly reposted a tutorial on how to buy the token. Talk about a plot twist! 📈

Ps – I rugged myself! I’m buying the wrong libra! This league!!

— Dave Portnoy (@stoolpresidente) February 17, 2025

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2025-02-17 21:53