Solana is taking a hit in the reputation and in the wallet in the fallout of the Libra memecoin launch, which has been widely criticized as a rug pull. The Libra token got a huge burst of publicity when Argentina’s President Javier Milei posted on X.com about the project and then deleted his post. In the hours in between, LIBRA shot to a market cap of $4.4 billion and then collapsed after developers dumped their coins, extracting $107 million in liquidity while wiping out $4 billion in value and leaving investors with huge losses. Milei has been accused of fraud by lawyers, is facing a probe by an Argentine federal judge, and has been threatened with impeachment. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
