The LIBRA token plummeted by 85% after its team liquidated $87 million in USDC and SOL. This withdrawal has raised alarms among investors, revealing 82% of token supply concentrated in few hands. The project is associated with Argentina’s support for local economies but faces accusations of being a scam.
The LIBRA token, which gained promotion from Argentine President Javier Milei, suffered a significant decline of 85% after its development team withdrew $87 million from liquidity pools, as reported by blockchain analytics company Bubblemaps. Initially reaching a fully diluted valuation of $4.5 billion shortly after launching, holders within the top 100 have now experienced average declines exceeding 56% from the token’s original purchase price of $1.6.
The LIBRA token’s drastic fall raises significant concerns due to centralization and liquidity issues. The concentration of 82% of its supply in a few addresses indicates a lack of decentralization, leading to skepticism regarding the legitimacy of the project. Investors remain wary following major withdrawals as the project continues to evolve amidst ongoing scrutiny.
Original Source: cryptobriefing.com
