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Nansen Research reported significant losses among traders of the LIBRA token, which gained brief support from Argentine President Javier Milei. The firm’s analysis, based on onchain data, showed that 86% of traders incurred losses totaling $251 million. In contrast, a minority of traders profited, collectively earning $180 million.
According to The Block, Nansen Research’s findings were derived from wallets that experienced an absolute gain or loss exceeding $1,000. The LIBRA token, based on the Solana blockchain, was introduced on February 14, 2025, and experienced a swift increase in market interest following a tweet by Milei. Within an hour of the token’s launch, its price soared to $4.55, only to plummet shortly thereafter.
The token’s market value briefly reached approximately $4 billion before crashing by 95%. This week, President Milei attempted to distance himself from the LIBRA project, clarifying that his intention was not to encourage purchases of the token but rather to promote awareness.
Despite the overall losses, Nansen Research highlighted that 1,001 wallets are still holding the LIBRA token, with combined unrealized losses near $11 million. Among the successful traders, one particular "sniper" realized a profit of $6.5 million, with funding traced back to a Bybit wallet and another external trading bot user’s wallet.
As the investigation into the LIBRA token continues, President Milei now faces fraud charges related to his role in publicizing the memecoin.
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