In the last 24 hours, there was another big event and hidden story behind it.
The $LIBRA token launched, taking the position of official token of Argentine president Javier Milei.
While the token was not really issued by the president, the token $LIBRA sharply went up, reaching a market capitalization of 4.4B USD.
Many traders and investors had a strong sense of déjà vu as this token was exploding. It was like the Trump or Melania tokens that were launched on Solana chain just a few days ago.
Just 40 minutes after its minting, the token crashed to the deep floor without any parachute or hesitation. At the level of 1.4B market cap, a $Trump token whale seems to have bought over 1M worth of $LIBRA at peak market cap.
The president doesn't seem to be directly linked or involved with this token launching team or individual. But he did make a speculative post on X, and then the token exploded more.
Now he has already deleted the post and explained why.
According to Argentinian law, the posting action might have been against law 27401. And his political enemies seem to be utilizing this situation, suggesting that the president may have been hooked by this bait set up by his opponents.
And the dev that issued this $LIBRA token has also issued many scam tokens, most of which were minted by Meteora and Jupiter infrastructure.
I suspect that many Meteora LP utilizers or OGs have been involved in these continuous scam mints and spread speculation under the guise of LP supporters.
At this moment, the most reliable LP is Raydium and you can utilize Orca as well. Meteora itself is not bad and has developed its own way of trying to be a major player on Solana chain. But during this ongoing effort, many scammers seem to have become involved.