Argentina’s President Javier Milei has withdrawn on a tweet promoting a Memecoin called the weight, which rose to a market capital of $ 4.4 billion before throwing himself by more than 95%.

In a now-plated tweet, Milei originally wrote: “This is a private project dedicated to encouraging the growth of the Argentine economy,” along with a Solana contract address associated with the weight token.

The weight increased by more than 2,000% in a 40-minute period after the tweet, only to tumble quickly when a group of early holders started paying out.

X account Kobeissilets shared a number of bubblemaps screen shots showing that alleged “insiders” liquidate tokens by adding unilateral liquidity pools to Metora with only weight, allowing them to remove solar and stableecoins.

Trade volume for weight hit $ 1.1 billion after launch, although it seemed that buying and selling was skewed; There were 74,500 individual purchase orders and 28,900 sales – indicating that larger sales orders flattened the flurry of the retail activity.

Milei later approached the confused Memecoin on X and said he “was not aware of the details of the project.”

“A few hours ago I published a tweet as I have so many other times that supported a suspected private company, which I obviously have no connection at all,” Milei wrote. “I wasn’t aware of the details of the project, and after paying attention to it, I decided not to continue to spread the word (that’s why I deleted the tweet).”

Sales in the weight mugged over the wider Memecoin market, with Trump losing $ 500 million from its market capital, according to market data, for a period of 30 minutes after weight began to tumble.