"LIBRA's Bitter Fall: Insider Selling, Market Manipulation, and the Future of Memecoins"

LIBRA, a memecoin initially endorsed by Argentine President Javier Milei, has provided a stark insight into the inner workings of the memecoin market, leaving a bitter taste in the mouths of investors. The coin, which surged to a $4.5 billion market cap in its first hour, subsequently crashed by 97% over the following seven days, with no significant recovery since.

The bulk of the collapse was attributed to insider selling, with project insiders dumping upwards of $87 million worth of LIBRA tokens. This led to Milei distancing himself from the project and ordering an official investigation. Hayden Davis, also known as Kelsier, who served as the launch strategist for LIBRA and other memecoins, revealed in an interview with Coffeezilla that the memecoin market is rife with onchain snipers who manipulate the market by bidding up fresh memecoins only to dump them later, often killing the project in the process.

Davis admitted to sniping LIBRA and MELANIA tokens himself, acknowledging the unethical nature of the practice but claiming that it was the only way to combat the unseen forces at play in the memecoin market. He suggested that the only way to save these projects is to imbue them with some utility, transforming them from empty memecoins into "SocialFi" offerings with intrinsic value. However, the future of LIBRA and other memecoins remains uncertain, as the market continues to grapple with predatory token launches and the potential for tighter regulation.