Rage Chihuahua

The aftermath of the LIBRA meme coin scandal also affected whales. A wallet was singled out for potential insider connections, after receiving a $5M compensation. 

An early LIBRA whale, later identified as David Portnoy, acquired a large position in the first 10 minutes of trading. Later, the wallet posted one of the biggest losses after LIBRA lost more than 90% of its value. LIBRA, a Solana meme token supported by the President of Argentina Javier Milei, drew in early buyers and was possibly sniped by insiders. Portnoy’s wallet was one of the few that posted deep losses during the first LIBRA crash.

On-chain analysis showed one of the early buyers was just late enough to incur over $5M in losses. The wallet received $5M in USDC, becoming one of the few LIBRA holders to gain some form of compensation.

David Portnoy confirms whale-sized involvement with LIBRA

David Portnoy’s wallet logged losses between $5.17M and $5.34M, depending on the timing of the portfolio’s value, as LIBRA crashed.

For the record I could care less that people know Hayden paid me back. I was fully planning on saying it on the live stream but he caught me off guard by texting me in the middle of it and asking me not to mention it. You can actually see my eyes read the text in real time… pic.twitter.com/DR4pqpDKhS

— Dave Portnoy (@stoolpresidente) February 17, 2025

Portnoy has revealed his relationship as a KOL for the LIBRA project, before the token erased most of its value. However, Portnoy seems to have switched to a personal investment strategy, reportedly gave back the supply allocation for shilling the token. 

Initially, Portnoy spoke favorably of the project. The loss arrived just days after Portnoy’s own token Jailstool crashed in the span of a few hours. According to on-chain analysis, Portnoy was relatively early in buying LIBRA, but failed to lock in the gains. Portnoy claimed he bought the tokens himself, and did not receive an allocation. The known wallet of Portnoy reveals a series of swaps of SOL for LIBRA, which do not show signs of an airdrop.

After sending out compensation to Portnoy, the originating wallet retained only 255K USDC. The wallet has been mostly used to trade SOL and USDC, with no direct interactions to the LIBRA token.

Hayden Mark Davis to attempt compensation for LIBRA traders

Portnoy’s 5M USDC compensation reportedly originated from Hayden Mark Davis.

Davis was identified as the manager of the LIBRA token rollout through his investment firm, Kelsier Ventures. The compensation was the only major transaction originating from the known wallet of Davis. It was meant as a personal transfer to Portnoy, with no further plans to compensate early traders.

Despite the attempted secrecy, the transfer became widely known, inviting more scrutiny on Davis’ approach to organizing the LIBRA launch through influencers.

The compensation, an attempt at damage control, led to even more questions about Davis’ involvement with the project.

LIBRA continues to trade actively, staging a recovery to over $0.41 before sinking back to $0.37. The token’s liquidity even started rising on Monday, adding $3M in liquidity within hours, expanding the pool to over $85M. Later, the pool started getting drained again, sinking to $81M for the token’s most active pair. The liquidity of LIBRA is still unlocked, and lately the token has been flagged for suspicious activity. Despite the ongoing trading, LIBRA raised the possibility of being removed from trading, as its CA was flagged and its identity was removed from Solana’s ecosystem.

Meme tokens remain resilient and LIBRA may see another wave of speculative investment, expecting a bounce from the recent lows. LIBRA remains highly risky, and early buyers are still left holding the bag, hoping for a recovery. The token remains a team-controlled asset, with 50% of the supply still held in one of the originating wallets.

LIBRA whales managed to lock in gains of up to $6.1M in most cases, if they sold on time during the first minutes after the launch. Currently, whales are sitting on unrealized gains and losses.

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This is Javier Milei, the President of Argentina.

Today, he launched the $LIBRA memecoin.

Within 10 hours, over -$4.4 BILLION was wiped out, making it the biggest rug in history.

Here’s the untold story of what really happened ⬇️

On Feb 14, Javier Milei, the President of Argentina, posted on X about his own $LIBRA coin.
Despite concerns that his account might have been hacked, the coin quickly went viral.
Eventually, it turned out to be legit, as multiple Argentinian politicians reposted the news.

From the very beginning, many things seemed off about the project.

► The website was created just hours before the launch and redirected to a basic Google Form.

► There was no information about the owner, and the domain had only a 1-year registration period.

But if you dig a bit deeper, it actually gets worse.
► Unlike other top celebrity memes, there was no official tokenomics.
► 82% of the supply was held in fully unlocked wallets.
► Someone was adding one-sided liquidity on Meteora, meaning they can remove it at any time.

Following the success of $TRUMP — and despite all the red flags — many people went all-in, pumping the market cap to $4.5B.
At that very moment, the $LIBRA team and insiders began cashing out.

Minutes after launch, several large holders started liquidating millions of dollars worth of $LIBRA.
In just the first 3 hours, a single cluster of wallets cashed out a total of $87 million.

Remember the one-sided liquidity pools?
As soon as the dump started, the owners of those pools began removing $USDC and $SOL , essentially draining liquidity instead of selling on the open market.

In less than 60 minutes, $LIBRA crashed over 90%, wiping out $4B+ from the market.

Shortly after, Javier Milei deleted his $LIBRA post and tweeted that he "had no connection to the project" and that "once he learned the details, he decided to stop promoting it".

While many people are taking heavy losses on $LIBRA, the team and insiders are STILL cashing out.

For example, one cluster of wallets just made $107M by removing liquidity and claiming Meteora fees.

While the dump continues, many people are already calling it the biggest memecoin rug in history.

But one thing’s for sure—insiders made a fortune while retail got left with nothing.

What’s your take on Celebrity memecoins ? Stay away from this type of coins try to invest in big cap like #BTC ,ETH,SOL etc. and Comment your thoughts below ⬇️

That’s it for now!

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