Original｜Odaily Planet Daily

Author: jk

At around 6:00 this morning Beijing time, Argentine President Javier Milei posted a tweet through his official X account that shocked the market: he announced the launch of the Meme coin Libra and published the relevant smart contract address.

Once the news was released, the market news was very diverse. Some people thought that the Argentine president's account was stolen, and some meme players directly rushed into the market (old players have been fully educated, and the truth is not important). Odaily previously reported that the price of LIBRA briefly exceeded $7.8, and the total market value once reached $3.5 billion. Soon, Milei's Instagram account also posted a screenshot of the same tweet, which quickly obliterated the claim of being stolen (because the possibility of Instagram and X platform accounts being stolen at the same time is very low), further intensifying the market's attention to Milei's coin issuance event.

But the market trend that followed slapped all investors in the face. Unlike Trumpcoin and Melaniacoin, which had a slightly longer rise cycle, Libra took the classic route of cutting leeks. After rising to more than $4, Libra began to fall like a waterfall: from $4 all the way to around $2, and then encountered a short plateau period at around $1, and finally fell to around $0.16 today. It can be said that Libra is now completely dead.

The president himself later deleted the tweet and claimed that he "didn't know much" about the project.

 Libra's trend, source: GeckoTerminal

What does Libra do?

According to President Milei's tweet a few hours ago, the project tied to Libra (Project Viva La Libertad) is mainly aimed at promoting the Argentine economy by funding small projects and local businesses, supporting those who seek to develop businesses and contribute to national development. On the project's website, it seems that as long as it is a private enterprise in Argentina, it can apply for investment by filling out a form.

At the bottom of the website, there is a line of small text indicating that the project is a private project developed by Kip Protocol. Later, Kip Protocol also emphasized that the LIBRA token is part of the "Viva la Libertad" project, which is entirely operated by private enterprises and Argentine President Milei did not participate in the development.

Who is the one who benefits?

When investors are cut, someone will inevitably make a profit. Who is making a profit? The data points to the team behind it and the early snipers. According to the blockchain analysis platform LookOnChain, the eight wallets related to the LIBRA team have cashed out a total of 57.6 million USDC and 249,671 SOL (about 49.7 million US dollars) by adding liquidity, removing liquidity and charging transaction fees, totaling 107 million US dollars.

As for early snipers and rat traders, according to the monitoring of on-chain data analyst Yu Jin, LIBRA insiders have made at least 20.18 million profits through LIBRA. The address raised USDC and SOL through CEXs such as Binance, Bybit, and Kucoin a few hours before the tweet was released; sniped and bought in the first second after the Argentine president’s tweet was released; and sold all of LIBRA in batches after the market pushed up LIBRA. Among them, at least 3 addresses had the same operation.

Therefore, most of the investor anger is currently directed at Kip Protocol; no wonder, they posted a post on the X platform saying that "Libra is a success."

 Tweet, source: Kip Protocol X

It is not clear whether the team behind Libra is only Kip Protocol. At the same time, some netizens have found out that Kip Protocol may have a certain relationship with Animoca, but Animoca immediately came out to clarify that it has nothing to do with the issuance of Libra tokens.

At the same time, some community members pointed out that the reason why a considerable number of investors rushed in at the first time was because the address of Libra's token could be searched on Moonshot. But this is actually a mistake; unlike Trump, which is officially certified and can be searched and purchased, LIBRA tokens have not been officially certified by the Moonshot platform, but are displayed with the help of the platform's latest "token registration function". The Moonshot platform allows users to search for projects by contract address, but does not verify it, and marks a risk warning on the page. If you only search for the name Libra, you will not find it.

Meanwhile, in the context of volatile market conditions, Solayer team member Chaofan Shou posted on the X platform that he and team engineer @tonykebot lost more than $2 million in LIBRA transactions, and attached a list of KIP Protocol core members, suggesting that action might be taken. Shou also wrote: “Let’s see what two hackers and a free weekend can bring us.”