What was the impact on Libra Argentinas price following the removal of promotional posts?

The Impact of the Deletion of Promotional Posts on Libra Argentinas Price

The cryptocurrency market is notoriously volatile and susceptible to numerous external factors, one of which recently came into play with the controversy surrounding Libra Argentina ($LIBRA). The tokens price significantly dropped following the deletion of promotional posts by President Javier Milei, causing a significant impact on its market value.

Market Surge and Subsequent Crash

Prior to the deletion, Mileis endorsement had led to a substantial surge in $LIBRAs market capitalization. However, following the removal of the promotional posts, a dramatic crash ensued. The tokens value plunged from $12.45 to $9.87 within a mere hour, a staggering 90% drop. As the scandal continued to unfold, the value of $LIBRA declined even further[1][2].

Public Outrage and Accusations

The deletion of the endorsement posts was widely perceived as a reaction to growing public backlash. Accusations of a pump-and-dump scheme began to circulate, further tarnishing the reputation of $LIBRA[4][5]. This alleged scheme involves artificially inflating the price of an owned stock through misleading statements, before selling off the stock after its price has risen due to the surge in interest.

Insider Trading Allegations

Adding fuel to the fire, insiders reportedly cashed out over $87 million shortly after the tokens launch[2][4]. This move is often seen in pump-and-dump schemes, where insiders and early investors sell off their shares for a profit, causing the price to plummet and leaving other investors to bear the losses.

Conclusion

In conclusion, the deletion of promotional posts by President Javier Milei had a substantial impact on the price of Libra Argentina. The drastic drop in its value, allegations of a pump-and-dump scheme, and reports of insiders cashing out shortly after the tokens launch, all contributed to the controversy and uncertainty surrounding $LIBRA.