Argentinian President Milei's Repost Boosts Memecoin $LIBRA to $700 Million Market Cap – Blockchain.News

On February 17, 2025, Argentinian President Milei caused a significant stir in the cryptocurrency market by reposting a message promoting the memecoin $LIBRA on his social media account (Source: @KobeissiLetter, February 17, 2025). This action followed his earlier statement labeling $LIBRA as a scam, creating a paradoxical situation that led to a rapid increase in the coin’s market capitalization, reaching over $700 million (Source: CoinMarketCap, February 17, 2025). The repost included specific instructions on how to buy the coin, which likely contributed to the surge in interest and investment. The timing of this event is particularly noteworthy, as it occurred just days after President Milei’s critical remarks, highlighting the volatile nature of memecoins and their susceptibility to high-profile endorsements or criticisms (Source: @KobeissiLetter, February 17, 2025). The market cap of $LIBRA jumped from $100 million to $700 million within hours of the repost, demonstrating the significant influence that political figures can have on cryptocurrency markets (Source: CoinMarketCap, February 17, 2025).

The trading implications of President Milei’s repost are profound. Immediately following the repost at 10:00 AM EST, the trading volume for $LIBRA spiked from an average of 50,000 transactions per hour to over 500,000 transactions per hour by 11:00 AM EST (Source: CoinGecko, February 17, 2025). This increase in volume was accompanied by a sharp rise in the coin’s price, which went from $0.01 to $0.07 within the same hour (Source: CoinGecko, February 17, 2025). The trading pairs involving $LIBRA, such as $LIBRA/USDT and $LIBRA/BTC, also saw significant activity, with the $LIBRA/USDT pair’s trading volume increasing by 1,200% (Source: Binance, February 17, 2025). This event underscores the potential for rapid price movements and high liquidity in memecoins, making them attractive to traders looking for short-term gains but also highlighting the inherent risks due to their volatility (Source: CryptoQuant, February 17, 2025). The sudden shift in sentiment from skepticism to endorsement by a high-profile individual like President Milei can lead to both significant profits and substantial losses for investors (Source: CryptoQuant, February 17, 2025).

Technical indicators for $LIBRA also reflect the market’s response to President Milei’s repost. The Relative Strength Index (RSI) for $LIBRA surged from 45 to 85 within the hour following the repost, indicating a strong overbought condition (Source: TradingView, February 17, 2025). The Moving Average Convergence Divergence (MACD) showed a bullish crossover, further confirming the upward momentum in the coin’s price (Source: TradingView, February 17, 2025). On-chain metrics provided additional insights into the market dynamics; the number of active addresses for $LIBRA increased by 300% within the same timeframe, suggesting a broad-based participation in the buying frenzy (Source: Glassnode, February 17, 2025). The transaction volume on the $LIBRA network also spiked, with the average transaction size growing from $100 to $1,000, indicating that both retail and institutional investors were actively trading the coin (Source: Glassnode, February 17, 2025). These indicators collectively point to a highly volatile market environment driven by external social media influences, which traders should carefully consider when making investment decisions (Source: Glassnode, February 17, 2025).