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A quarter of a billion vaporized in a night at LIBRA Meme Coin: 86% lost money! - Coin Bulletin
In Argentina, the LIBRA memecoin scandal resulted in 86% of investors trading over $1,000 losing a total of $251 million.
The LIBRA memecoin scandal that erupted in Argentina over the weekend led to investors losing millions of dollars.
According to research by Nansen, on-chain (on-chain) data shows that 86% of 15,430 wallets trading above $1,000 suffered a total loss of $251 million, while winners only made $180 million in profit. This situation was considered as the phenomenon of "net-negative wealth creation" which led to liquidity withdrawal from the market.
Approximately 40,000 crypto addresses investing in the LIBRA token caused prices to rise rapidly. However, this bull market excitement did not last long. With some insiders selling a large amount of tokens, the market value dropped by 90%.
The number of addresses holding the token dropped from over 50,000 on February 14th to 35,770 on February 18th. In particular, two wallets made a profit of 5.4 million dollars by buying tokens at 22:01 UTC on February 14th and selling them at 22:44 UTC.
The LIBRA scandal once again highlighted the need for investors to be cautious in the cryptocurrency market. Especially in assets with high volatility such as memecoins, the risk of turning short-term gains into significant losses is always present.