Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at how over 86% of those who invested in the $LIBRA memecoin ended up selling for a loss.
86% of Libra Meme Coin Traders Sold at a Loss
The now infamous token $LIBRA, which was promoted by the Argentinian president before being a rug pull, saw over 86% of traders who traded with gains or losses of over $1,000 being sold at a loss. This comes from on-chain analysis and the revelation that $LIBRA memecoin investors, which amounted to 15,430 wallets, suffered significant losses in what appears to be a classic pump-and-dump scheme. This comes from blockchain analytics firm Nansen. The total combined losses totalled $251 million.
On the 19th of February Nansen reported the huge contrast between the numbers of winners and losers as part of the $LIBRA token craze. A total of 2,101 wallets managed to secure profits, which came in at around $180 million. Nansen stated:
“Insiders took profits, retail got burned, and key backers distanced themselves.”
Some of the wallets which saw profit managed to pocket millions, but the majority of the investors were left with huge losses. The breakdown of losses reveals the extent of the financial damage as approximately 1,478 wallets saw losses between $1,000 and $10,000, amounting to $4.8 million. Over 2,800 wallets lost between $10,000 and $100,000, which came in at a total $82.4 million.
Another 392 wallets saw losses between $100,000 and $1 million, which contributed to $96.5 million in losses. A total of 23 wallets each lost more than $1 million for a combined total of $40.9 million. It was noted by Nansen that the 15 addresses alone accounted for $33.7 million in losses, with one wallet still holding 57% of its original balance. The largest single loss was experienced by a wallet which saw $6.3 million in loses.
The legal proceedings have already begun as Burwick Law, the firm pursuing lawsuits against Pump.fun and the creators of the Hawk Tuah (HAWK) meme coin, has initiated investigations into the LIBRA debacle. So far six million $LIBRA tokens have been returned from Portnoy, who had been given them as a payment but is attempting to distance himself from the fallout.
https://x.com/nansen_ai/status/1892060557722910971
Have a great day.
Peace. CryptoGod-1.
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