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Argentina: Another cryptocurrency linked to Milei discovered, issued minutes after the launch of $LIBRA
The issuance of one billion units by $ARG, similar to $LIBRA and $MILEI, and the lack of significant trading activity raise questions about the strategy behind these tokens.
At 5:01 PM on February 14, trading began for $LIBRA, the token promoted by Argentina’s president, Javier Milei, which had been created at 4:38 PM that same day. A previously unknown detail reveals that at 4:47 PM, another token named $ARG was launched—also alluding to the president.
According to a post on X by engineer Fernando Molina, the creators of the $ARG token included the following description: "As a symbol of this movement and in honor of Javier Milei’s libertarian ideas, the $ARG token is designed to strengthen Argentina’s economy from scratch, supporting entrepreneurship and innovation."
Was there a last-minute attempt to rename $LIBRA to $ARG?
Similarities Found
Molina details in his post several coincidences among three cryptocurrencies that have been circulating on the Solana network: $ARG, $MILEI, and $LIBRA. Although they may appear different, their origins and movements follow very similar patterns.
To begin with, $ARG was created on February 14, just minutes after $LIBRA. Additionally, the wallet that generated it received funds from FixedFloat, an exchange that allows cryptocurrency transfers without requiring registration. Interestingly, the wallets that created $LIBRA and $MILEI followed the same process.
Another striking detail is that one billion units of $ARG were issued, exactly the same amount as the other two tokens. Then, a liquidity pool was created on the Meteora platform, and the person who launched it was among the first to deposit tokens there. In this process, they placed 108 units, a number that does not seem randomly chosen.
Additionally, the Pinata service was used to upload the token's image and information to the Internet.
Regarding buying and selling activity, there were only 11 transactions made by five wallets, the same ones that also purchased $LIBRA. However, based on the timing of these transactions, it does not appear that they were made by insiders but rather by regular users testing the token.
An important point is that $MILEI seems to have been a test before launching $LIBRA, as they share the same metadata (the internal token information). In contrast, $ARG was intentionally differentiated, even changing the name in the token's image.
All of this suggests that the three tokens may have been created by the same group or followed a similar strategy, albeit with certain modifications in each case.
Argentina and the $LIBRA Case
From the beginning, the distribution of the memecoin—a type of token whose value relies on speculation and social media hype—$LIBRA was manipulated.
Imagine a market where oranges ($LIBRA) are sold. To buy them, people use money. Under normal circumstances, if someone wants to sell their oranges, there must be buyers with money to pay for them. If many people buy, the price of oranges remains stable or even increases.
What did the insiders do? Instead of selling their oranges directly, they first flooded the market with them while gradually removing the available money. In other words, they left plenty of oranges but took away the cash. When they finally decided to sell, there was not enough money circulating in the market, so the price of oranges plummeted by 90%, as there were no buyers with money left.
"If Donald Trump, when his $TRUMP token hit $75, had sold $50 million worth of his own tokens, he would have caused the same collapse that happened with $LIBRA. He can't do that because it would constitute fraud: by controlling most of the supply, he dominates the market," Argentine journalist Alejandro Gamero explained to La República.
Manuel Adorni: "The president would never allow a single prearranged question"
"If you go to a casino and lose money, what’s the complaint if you knew the risks?" Javier Milei said in an interview with the local channel Todo Noticias. "I didn’t promote it; I spread the word. It’s not the same."
Journalist and political analyst Ari Lijalad leaked an unedited fragment of the interview on X, where the president stated that he would delegate the legal aspects of the $LIBRA case to his Minister of Justice, Mariano Cúneo Libarona.
"But this is an issue you were personally involved in as a citizen," journalist Jonatan Viale repeatedly questioned, until he was abruptly interrupted by presidential advisor Santiago Caputo, sparking controversy.
