15.02.2025 16:48

Here's a rewritten version of the provided news article, aiming for originality and incorporating varied sentence structures while maintaining all essential information:

The cryptocurrency market has been rocked by the dramatic collapse of Argentina's LIBRA token, a Solana meme coin previously touted by President Javier Milei. A staggering 89% value plunge, attributed to escalating doubts surrounding its legitimacy, has left investors reeling.

Reportedly reaching an initial market capitalization of $4.5 billion, the token's price nosedived from a peak of $4.50 to a mere $0.50, according to DexScreener data. This precipitous decline occurred despite a substantial trading volume exceeding $1.1 billion. Simultaneously, there are unconfirmed investigations that are revealing that a pump and dump scheme by the LIBRA team may have occured.

The aftermath of this crash saw President Milei swiftly remove his endorsement tweet and issue a statement disavowing any direct involvement with the project. He claimed his initial support stemmed from a misunderstanding, believing it to be a legitimate private venture, and retracted his endorsement upon learning more.

Further fueling the controversy, Milei's response took a combative tone, sharply criticizing his political adversaries for attempting to capitalize on the situation. In a strongly worded rebuke, he accused them of reinforcing negative stereotypes about politicians and strengthening his resolve to challenge the establishment.

Data compiled by Lookonchain indicates significant financial losses incurred by traders amidst the turmoil surrounding LIBRA. These losses were caused by the dramatic collapse of the crypto and further highlight the volatility and inherent risks associated with meme coins and similar cryptocurrency investments.