Solana Meme Coin LIBRA Plunges 90% After Reaching $1.16 Billion Market Cap, Sparking Insider Trading Allegations

A Solana-based meme coin, LIBRA, experienced a dramatic surge and collapse recently. Within an hour, it reached a market capitalization of $1.16 billion before plummeting, leaving approximately 75,000 traders with losses exceeding $280 million. The token's value dropped by over 90%, wiping out many investors' initial deposits. Allegations of insider trading have surfaced, with reports suggesting that certain individuals had pre-launch access to LIBRA tokens, allowing them to acquire substantial quantities at reduced prices and sell them at the market's peak, netting profits of up to $110 million. DWF Labs' investigation revealed that wallets linked to insiders disposed of significant amounts of LIBRA tokens at the highest price point. The situation has also drawn political attention due to Argentine President Javier Milei's prior support for the project, raising concerns about political involvement in crypto-related financial activities. Calls for stricter regulations and investor protections are growing in response to prevent similar market manipulations in the future.