The weight of the Memecoin scandal, which shook Argentina over the weekend, destroyed millions of dollars in investor wealth, according to Nansen research.
On-Kain data Tracked Nansen shows that 86% of traders lost a total of $ 251 million, while winners secured only $ 180 million in profits. In other words, it was a “net-negative wealth-generating” event that potentially sucked liquidity from the market.
The episode is a sharp reminder that symbols associated with political figures can be as risky as random memcoins and celebrity crypto courses in creating or breaking fortunes within minutes.
The weight debuted at Meteora, a Solana-based decentralized exchange, last Friday and rapidly rose to a market capital of over $ 4.5 billion after Argentina’s President Javier Milei said on X that the project, which supports the coin, would “focus on To encourage the growth of the Argentine economy, funding of small businesses and Argentina Ventures.
Over 40,000 crypto addresses stacked into the token, which burns an increase in price. However, the bullish tension was short -lived. The balloon jumped as insiders sounded a massive number of tokens and refueled the market capsule by 90%.
Read more: Will Argentine President Mileis Krypto ‘Failure’ be a death for Memecoin -Dille?
Milei eventually deleted his X post and said he “was not aware of the details of the project” and has now informed the chosen not to continue to promote it. At that time, however, the damage was done.
The opposition called the whole affair an international embarrassment and threatened to build Milei.
“70% of the wallets that acted $ weight from 16 to 18 February ended with realized losses when many people probably tried to take advantage of the extra retweet from Javier Milei,” Nansen said in a report shared with Coindesk .
The number of unique teams in the token fell to 35,770 on February 18 from over 50,000 on February 14. Meanwhile, two wallets made the token at 1 p.m. 22:01 UTC and sold before 22:44 UTC on February 14. $ 5.4 million in total profits, the report noted.
