In crypto news on Monday, the cryptocurrency market experienced a downturn, with Solana (SOL) and XRP leading the decline among major digital assets. Market sentiment has soured with the proliferation of meme coin scams, this time from Argentine President Javier Milei.
The market pullback coincided with the U.S. observing Presidents’ Day, resulting in traditional financial markets being closed. That means it is a quiet crypto news day, with investors licking their wounds as alt coins continue to dump.
Solana (SOL) saw a decrease of approximately 4%, with its price reaching around $177.94. Similarly, XRP experienced a decline of about 2.5%, trading at approximately $2.62. Ripple’s XRP price has had a strong few months, and it still has several bullish catalysts, such as Spot XRP ETF approvals, stablecoin integrations, and tokenization initiatives to provide tailwinds. If the market turns on positive crypto news, then the XRP price will do well.
The XRP price was at $2.62, down 2.5% in the last 24 hours. Source: XRP Liquid Index (XRPLX) via Brave New Coin
The downturn in Solana’s value can be attributed to several factors. A decrease in network activity has been observed, with the number of wallets holding more than 100 SOL declining by 2.24% over the past two weeks.
Additionally, the recent controversy surrounding the LIBRA memecoin, which was promoted by Argentina’s President Javier Milei and subsequently crashed, has dampened investor confidence in the Solana ecosystem. Meme coins have taken over Solana, but there is an increasing perception that insiders rig the game and retail investors are being fleeced.
Milei Faces Impeachment
Argentine President Javier Milei faces impeachment calls after endorsing Libra (LIBRA), a Solana-based cryptocurrency that collapsed in what appears to be a $107 million insider scam.
Milei promoted the token on X on Feb. 14, causing a surge in its market cap to $4.56 billion before it crashed by 94% within 11 hours. He then deleted the tweet. Insider wallets allegedly withdrew $107 million in liquidity shortly after trading began.
Milei’s deleted X post. Source: Kobeissi Letter
Opposition politician Leandro Santoro is pushing for Milei’s impeachment, calling the incident an international embarrassment. Milei denies any direct connection to the project, calling it a private initiative, but admits meeting with KIP Protocol, the firm behind Libra, in October 2023.
The Argentine Anti-Corruption Office has launched an investigation, and the case is fueling concerns over crypto scams and political endorsements. The collapse echoes the recent trend of celebrity-endorsed memecoins, including tokens launched by Donald Trump and Melania Trump.
The Argentine Stock Market Crash
The Argentine stock market experienced a significant downturn following President Javier Milei’s promotion of the $LIBRA cryptocurrency, which rapidly lost value. This incident has led to legal accusations against Milei, including allegations of fraud and breach of public duties, with claims that over 40,000 individuals suffered losses exceeding $4 billion.
The situation has also prompted discussions about a potential impeachment trial. In response, Milei has denied direct involvement, stating he was unaware of the project’s specifics and has called for an investigation by the Anti-Corruption Office. The controversy has not only affected the national economy but has also raised concerns about the influence of political figures in financial markets.
Coffeezilla managed to interview Hayden Davis (Kelsier) one of the big four creators of $LIBRA along with Julian Peh (Kip Protocol), Mauricio Novelli (Tech Forum Argentina) and Manuel Godoy (Tech Forum Argentina). It was endorsed by Javier Milei on February 14th, 2025. In the interview he admitted to the LIBRA team sniping the LAUNCH OF LIBRA, and the MELANIA team sniping the LAUNCH OF MELANIA. Watch below.
Milei Meets Trump
In November 2024, Donald Trump convened with Elon Musk and Argentine President Javier Milei at Mar-a-Lago, Florida, preceding the Conservative Political Action Conference (CPAC) Investor Summit. This marked Trump’s inaugural meeting with a foreign leader following his electoral victory on November 5.
During a gala event, President Milei lauded Trump’s election success, proclaiming that it signified “the forces of heaven [were] on our side” and that “the winds of freedom [were] blowing much stronger.” Milei, recognized for his libertarian stance, delivered remarks in both English and Spanish, denouncing tax systems as mechanisms for “the redistribution of wealth at gunpoint.” He also praised Elon Musk, slated to head Trump’s newly established Department of Government Efficiency, commending Musk’s social media platform, X, for its role in “saving humanity.”
Since his inauguration in December 2023, President Milei has undertaken significant measures to diminish Argentina’s governmental structure, reflecting his libertarian ideology that emphasizes minimal state intervention and fiscal conservatism. These reforms include reducing the number of government ministries from 24 to 8, downsizing the public sector workforce by approximately 25,000 employees, implementing comprehensive deregulation across various economic sectors, enforcing fiscal austerity leading to a 30% reduction in the federal budget, and initiating the privatization of state-owned enterprises such as Aerolíneas Argentinas and Intercargo.
Milei now has work to do to convince his citizens he isn’t just another scammer.
Trump with Musk and Milei, Source: X
