The Argentine President endorsed LIBRA meme coin garnering unwavering faith from VanEck’s executive Gabor Gurbacs on Wednesday even with the recent rug pull fears.
Strikingly, Gurbacs believes President Javier Milei can ‘sort out the meme coin problems’ and aid in getting the country onto an imaginative runway once more. On the other hand, the new meme token, claimed to be a rug pull scam, has now nearly reached a 72% loss.
VanEck’s Gabor Gurbacs Optimistic On Libra Meme Currency
In a February 19 post on X, Gabor Gurbacs wrote, “President Javier Milei had a superb idea on the liberty of competition of currencies which encompasses payments in fiat, Bitcoin, WTI, BTU and other real world assets.” Given this belief, Gurbacs was hopeful about the Presidents decisions that could potentially resolve the complications around the LIBRA meme coin.
The VanEck executive invited the Argentinian President to share insights on what could be done to reduce such damage.
Gurbacs Tweeted to the President again, “Don’t hesitate to call whenever you need to check on people and firms,” cautioning about the number of scams and frauds that abound in the industry.
Tap On Libra Meme Coin Stumbles Down Due To Suspicious Rug Pulls.
In the meantime, a new meme token tied to President Javier Milei suffered a defeat soon after it was introduced in the market. CoinGape claimed that some project insider sold off $107 million worth of assets after some large trading volume was witnessed, causing LIBRA coin’s price to plummet by 90%.
Still, the Argentinian President denied any misconduct which fueled further market speculations and increased volatility of the token. Consequently, the crypto market experienced a probe in the issue, contributing to the fever on price fluctuations.
Milei has reportedly ordered an inquiry into the launching of the meme coin and its association with the KIP Protocol. Regardless, the famous VanEck executive expressed that the concern of the so-called “rug pull” is likely to be mitigated and progress was being made in anticipation of that, owing to the President’s pro crypto stance.
Meme Token’s Price Loses Alarming Value
aHead of press time, LIBRA coin price decreased over 20% in the last 24 hours, and closed at $0.2676. Its intraday high and low were $0.3526 and $0.2617 respectively. In the past several days, the coin has extended its loss to over 72% since launch, according to CoinMarketCap. Traders and investors seem to have an extremely low appetite for the asset given the soft market conditions.
On the other hand, it’s worth mentioning that Hayden Davis, CEO of Kelsier Ventures, was earlier speculated to be involved in the setback payment to President Milei, Coindesk relayed and deleted later. Nonetheless, Davis came out to say no and further rumors are expected about the meme coin and the market along these lines.”
