Libra (LIBRA), an Argentine President Javier Milei endorsed token, experienced a strong rise and hype and a sudden downfall. A single tweet from President Milei propelled LIBRA price $34.5 and a staggering $4.5 billion market cap. However, the rally was short-lived as the token lost 92% of its value within hours, erasing millions. Investors faced heavy losses as hype turned into disaster, raising concerns about speculation-driven assets and the volatility of political influence in crypto markets.
Can Milei’s Libra Token Reclaim Its $4.5B Market Cap?
Libra Token price shot up 3,32% in under an hour, with its market cap hitting $4.5 billion after Argentina’s President Javier Milei mentioned it in a social media post on February 14. However, within hours, its value plummeted by 100%, as insiders cashed out more than $100 million. This move wiped out millions in the market. The meme token, which peaked at $1.03 on February 15, now trades at $0.3203 with a decrease of more than 93% from its ATH.
The sharp rise followed a wave of investor speculation driven by Milei’s endorsement. Traders rushed in, hoping for further gains, but the rally quickly turned into a sell-off. As the price collapsed, Milei deleted his post and distanced himself from the project.
Now, with a market cap of $82.16 million, the LIBRA token struggles to regain stability. Investors are left questioning whether it can reclaim its former highs or if the hype has completely faded.
Argentine President Javier Milei deleted a post on X after realizing he had unknowingly endorsed a project he had no ties to.
“A few hours ago, I shared a tweet supporting what I believed was a private project,” Milei stated on X. “I had no connection to it and was unaware of its details. Once I learned more, I chose not to promote it further and removed the tweet.”
Hace unas horas publiqué un tweet, como tantas otras infinitas veces, apoyando un supuesto emprendimiento privado del que obviamente no tengo vinculación alguna.
No estaba interiorizado de los pormenores del proyecto y luego de haberme interiorizado decidí no seguir dándole…
— Javier Milei (@JMilei) February 15, 2025
Will LIBRA Price Recover to ATH?
Concerns have emerged over whether LIBRA can regain its former market cap of $4.5 billion. The token, which saw a dramatic decline, left around 75,000 users with losses amounting to approximately $286 million. Speculation is growing as rumors suggest efforts to compensate affected investors.
💥BREAKING:
About 75,000 users lost approximately $286 million in $LIBRA transactions.
THIS IS CRAZY 😱 pic.twitter.com/5T7GqFFUWp
— Crypto Rover (@rovercrc) February 18, 2025
At its current price of $0.32, the LIBRA Token would need a staggering 1,285% rally to reach its previous valuation. Such a rebound appears highly improbable, given the prevailing market conditions and investor sentiment. Despite discussions on recovery plans, the likelihood of achieving past highs remains uncertain
To sum up, the Libra Token recovery to a $4.5 billion market cap seems unlikely. Investor confidence remains shaken, and market conditions are uncertain. Without renewed momentum, the token may struggle to regain its past valuation.
Frequently Asked Questions (FAQs)
The crash followed Milei deleting his endorsement, triggering a massive sell-off.
Given the current market conditions, such a recovery appears highly unlikely.
The price skyrocketed after Argentine President Javier Milei mentioned it in a social media post.
Coingape Staff
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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