Milei rejects allegations of LIBRA endorsement
Argentine President Javier Milei has dismissed allegations that he endorsed the controversial LIBRA memecoin, which recently experienced a dramatic pump-and-dump, leaving investors with heavy losses.
According to reports from tier 10k on X, Milei clarified that he only shared information about the token and never encouraged investment. He downplayed the impact on Argentina, stating that only four or five local investors were affected, while most traders involved were from China and the U.S.
Milei also refuted claims that 44,000 investors lost money, asserting that the actual number was closer to 5,000—primarily experienced traders aware of the risks. He emphasized that LIBRA was a private financial matter with no connection to the government.
Milei: I didn’t promote it, I shared it.
“I acted in good faith and took a hit,”
“Did the State lose money? No. Did Argentinians lose money? Maybe four or five at most. The vast majority of investors are Chinese and American.”
“I shared this the same way I’ve shared hundreds…
— db (@tier10k) February 17, 2025
LIBRA’s rise and fall
The memecoin surged from $0 to over $4 after Milei mentioned it publicly but soon collapsed to below 50 cents, fueling allegations of market manipulation. Reports suggest that early investors cashed out over $100 million, leaving late buyers at a severe loss.
Milei explained that Hayden Davis, one of LIBRA’s key figures, had proposed a financing structure for struggling entrepreneurs, and Milei merely helped spread the idea.
Political and financial fallout
Despite his defense, the scandal has triggered political turmoil. Opposition leaders are demanding Milei’s removal, accusing him of misleading the public. Argentina’s anti-corruption office and Federal Judge María Servini are launching investigations.
“I made no mistakes because I acted in good faith. But when I look at the political repercussions, I realize I have something to learn. I need to understand that after becoming president, I continued acting like the same Javier Milei as before. Unfortunately, this situation shows me that I need to raise my filters and not make myself so accessible.”
Argentine President Javier Milei
The S&P Merval stock index dropped 5%, rattling Argentina’s financial markets. Though Milei maintains his innocence, the controversy continues to intensify, bringing increased scrutiny to his administration.
Shiba Inu struggles as bearish signals emerge – what’s next for SHIB?
SHIB struggles amid bearish market conditions
Shiba Inu (SHIB) is currently experiencing strong bearish pressure, with technical indicators signaling a likely continuation of its downward trend in the near term. Since late February, SHIB has repeatedly failed to break key moving averages, suggesting that bearish momentum remains dominant.
On January 31, SHIB was rejected at its 200-day moving average (200DMA), a clear sign of a bearish market shift. Recent rejections of the 21DMA further reinforce the expectation that SHIB’s price may continue declining.
Trump’s Meme coin impact and market dilution fears
The broader meme coin market has also suffered in the aftermath of Donald Trump’s meme coin launch, which drained liquidity from other assets. At its peak, Trump’s meme coin surged past $70 billion in market capitalization, sparking concerns about market dilution in 2025. These fears have weighed heavily on meme coin prices, with SHIB now trading at $0.0000157, down over 50% from yearly highs.
When you overlay @pumpdotfun launches on top of the Solana price chart…. $SOL stopped going up almost exactly when people started launching tons of memecoins. pic.twitter.com/c1plCsn8NX
— Luke Martin (@VentureCoinist) September 3, 2024
SHIB’s strong community and ecosystem growth
Despite this, SHIB has held up better than many other meme coins, thanks to its strong community and ecosystem development. A recent partnership with Abu Dhabi has further strengthened SHIB’s position in the web3 space.
Unprecedented Partnershib @MOEIUAE x @Shibtoken! 🇦🇪
We are honored to announce our new Partnership with the Ministry of Energy and Infrastructure of the World’s #1 Crypto location, the UAE!
Learn more ➡️ https://t.co/TMFjLvlmHB pic.twitter.com/pkv6AGmUyI
— Shib | TreatYourself Season (@Shibtoken) February 4, 2025
Where is SHIB headed next?
SHIB is currently in a downtrend, with a potential retest of the $0.00001150 support level, a key zone dating back to mid-2023. A break below this level could trigger a major market sell-off, but it could also present an attractive buying opportunity.
Long-term outlook: a Crypto surge in 2025?
Looking ahead, 2025 is expected to be a record year for crypto adoption, driven by growing Bitcoin demand and even the possibility of a U.S. Strategic Bitcoin Reserve. If the market sentiment improves, SHIB could benefit from another meme coin rally, making it a compelling asset to accumulate during dips.
Changpeng Zhao’s Binance Ties Raise Concerns Despite Management Ban
Despite stepping down as Binance CEO as part of a plea deal with the U.S. Department of Justice (DOJ), Changpeng Zhao (CZ) continues to be a dominant figure in the crypto industry. While CZ has publicly committed to focusing on his educational project, Giggle Academy, his online activity suggests he still wields significant influence over BNB Chain and the broader market.
CZ’s exit and post-prison focus
CZ was forced to resign from Binance in 2023, agreeing to a lifetime ban from managing the company. Upon his release, he announced plans to dedicate time to Giggle Academy, an initiative aimed at providing free educational resources and teaching financial literacy, including how to avoid crypto scams.
“There are always more opportunities in the future than there were in the past…Giggle Academy has been going well, and will be a big part of my life for the next few years…I will also dedicate more time and funding to charity (and education). I have some rough ideas…Oh, Binance seems to be doing well without me back-seat driving, which is excellent. Every founder’s dream,” CZ shared on X post-release in September.
However, despite these statements, CZ’s social media activity suggests that BNB Chain remains a major focus of his discussions. His mentions of BNB Chain’s trading volume surpassing Solana triggered speculation that he remains deeply involved in its growth.
BNB chain surges, then slips
On February 16, crypto educator Crypto with Khan noted that BNB Chain’s 24-hour trading volume had hit $3.73 billion, surpassing Solana’s $2.66 billion. However, Solana has since reclaimed its position, with Ethereum and BNB following closely.
Community divided on CZ’s influence
While supporters see CZ as a visionary leader, skeptics argue that his influence is reckless. Critics, like DeFi researcher Leviathan, claim he fuels speculative bubbles by driving hype around meme coins and AI projects.
Adding to speculation, Binance Labs recently rebranded to YZi Labs, which some believe could allow CZ to rejoin Binance indirectly, despite his official ban. Whether intentional or not, CZ’s influence over BNB Chain and the broader crypto market remains undeniable.
