The Dark Side of Memecoins: How Big Names Influence, Manipulate, and Wreck Investors | by Gaze All Over | The Capital | Feb, 2025
Memecoins have always been a mix of entertainment and speculation. Some start as jokes and unexpectedly turn into multi-billion-dollar assets, while others crash before most investors even realize what happened.
But when high-profile figures — politicians, celebrities, and influencers — attach their names to these tokens, the stakes get even higher.
The recent $LIBRA scandal, involving Argentina’s President Javier Milei, is a perfect example of how powerful endorsements can create massive financial waves, often leaving everyday investors holding the bag. Let’s explore why these big names get involved, how they shape the market, and what lessons investors need to take from these events.
On February 14, 2025, President Javier Milei took to social media to promote $LIBRA, a newly launched memecoin that promised to fund businesses and stimulate Argentina’s economy.
Within hours, the token’s market cap soared to $4.5 billion — but just as quickly, it crashed by over 90 percent, leaving thousands of investors wrecked.
