Memecoins have ‘undoubtedly damaged’ crypto as Milei crisis escalates, say industry leaders – DL News
- Jill Gunter says Milei-promoted LIBRA is a ‘grift too far.’
- DL News calculates $17.5 billion in losses from just four memecoins.
- The memecoin crisis strikes just as Washington is weighing legislation.
Memecoins aren’t funny anymore.
What started as a monetised mashup of viral jokes and pop culture has now morphed into multi-billion dollar fiascoes that are enriching insiders at the expense of investors.
In the latest scandal, a memecoin called LIBRA touted by Javier Milei, the president of Argentina, soared to $4.5 billion in value within an hour of its launch before plunging 80%.
Now, Milei is facing calls for his impeachment and multiple investigations.
And a growing number of influential crypto industry figures are fed up.
“Memecoins…
