“On-Chain Data Trained by Nansen Shows 86% of Traders Lost Money, A Total of $ 251 Million.”, – WRITE: www.coindesk.com
On -chain Data Trained by Nansen Show 86% of Traders Lost A Total of $ 251 Million, While the Winners Secured Just $ 180 Million in Profits. In Other Words, It Was A “Net-Negative Wealth-Generation” Event That Potentilly Sucked Out Liquidity from the Market.
The episode is a stark reminder that tokens associated with Political Figures Can Be Just As Risky As Risky As Random Memecoins and Celebrity Cryptocurrencies in Making Fortunes Weaking.
Libra debuted on meteora, a solana-Basted Decentralized Exchange, Last Friday and Quickly Surged to a Market Cap of Over $ 4.5 Billion After Argentina would “Focus on encouraging the growth of the argentine econsomy, Funding Small Businesses, and Argentina Ventures.”
Over 40,000 Crypto Addresses Piled Into the Token, Fueling A Surge in Price. The Bullish Excitement, However, Was Short-Lived. The Balloon Popped As Insiders Offloaded Massive Numbers of Tokens, Tanking The Market Cap by 90%.
Read More: Will Argentinian President Milei’s Crypto ‘Fiasco’ Be A Deathblow for Memecoin Craze?
Milei Eventually Deleted His X Post, Saying He Was “Not Aware of the Details of the Project” and, Now Informed, Has Chosen Not to Continue Promitting It. By then, Though, The Damage Was Done.
The Opposition Called the Whole Affair An International Embarrassment and Threated to Impeach Milei.
“70% of Wallets Trading $ libra from february 16th to 18th ended with Realized Losses as Many Likely Attempted to Profit of the Additional Retweet From Javier Milei,” Coindesk.
The Number of Unique Holds of the Token Fell to 35.770 on Feb. 18 from Over 50,000 On Feb. 14. Meanwhile, Two Wallets That Boughht The Token at 22:01 UTC and SOLD by 22:44 UTC On Feb. 14 Made Just Over $ 5.4 Million in Total Profit, The Report Noted.
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