"Optimism Persists: VanEck Exec Backs Milei's LIBRA Meme Coin Despite 'Rug Pull' Fears"

VanEck executive Gabor Gurbacs has expressed optimism about the Argentinian President-backed LIBRA meme coin, despite recent concerns over a potential "rug pull" scam. Gurbacs believes that President Javier Milei can address the issues surrounding the meme coin and help Argentina embark on an innovative path.

In a series of posts on social media, Gurbacs praised President Milei's vision for free competition in currencies, including payments in fiat, Bitcoin, WTI, BTU, and other real-world assets. He also invited the President to discuss measures that could mitigate the losses suffered by the LIBRA meme coin.

The LIBRA meme coin, launched with the backing of President Milei, has faced a significant setback since its inception. CoinGape reported that project insiders cashed out $107 million after a sharp price increase, leading to a 90% drop in the LIBRA coin's price. The Argentinian President has denied any wrongdoing, but the incident has sparked market speculation and volatility.

An investigation has been launched into the launch of the meme coin and its links to the KIP Protocol. Despite the concerns, Gurbacs remains optimistic that the rug pull issues can be addressed, given President Milei's pro-crypto stance.

As of press time, the LIBRA coin price has fallen over 20% in the past 24 hours, closing in at $0.2676. Its intraday low and high were $0.2617 and $0.3526, respectively. CoinMarketCap data revealed that the coin has extended its loss to over 72% since launch. Crypto traders and investors have a low-risk appetite for the asset due to the uncertain market dynamics.

Hayden Davis, CEO of Kelsier Ventures, was previously speculated to be involved in the setback by making payments to President Milei. However, Davis has since denied these claims, and the market awaits further details on the matter and the meme coin's future.