#MileiMemeCoinControversy Argentina's stock market recently experienced a downturn amidst a controversy surrounding a meme coin endorsed by President Javier Milei. The president's endorsement of LIBRA, a Solana-based token, on social media platform X (formerly Twitter) led to allegations of fraud and market manipulation.

The controversy arose after President Milei promoted LIBRA, claiming it would stimulate the Argentine economy by funding local businesses. However, concerns were raised about the token's legitimacy and its potential for market manipulation. Following the endorsement, the value of LIBRA surged, leading to accusations of a "pump and dump" scheme, where promoters artificially inflate the price of an asset before selling off their holdings for profit.

The controversy has had significant repercussions, with Argentina's S&P Merval index, which tracks the performance of the country's largest companies, dropping by over 5% following the incident. Legal action has also been taken against President Milei, with lawyers filing fraud charges against him. The case is expected to have implications for the future of cryptocurrency regulation in Argentina and potentially influence policies in other countries.