Following Milei Meme Coin’s alleged misdeed, Argentina’s property market is in decline.

After the government’s leader was accused of fraud for promoting a video coin late on Friday, the stock market in Argentina took a sharp decline on Monday morning. &nbsp, &nbsp,

The S&amp, P Merval dropped by over 5 % when markets opened in Buenos Aires Monday, data from Facebook displays. &nbsp,

The index, which tracks the largest businesses in the South American nation, has since recovered somewhat, but it is still trading 3 % lower than it did on Friday. &nbsp,

After President Javier Milei on Friday pointed his followers to a Solana-based token called LIBRA on X ( previously Twitter ), Argentina’s markets were thrown into chaos. &nbsp,

The project may become “dedicated to encouraging the development of the Brazilian market by funding small Brazilian businesses and startups,” the president had stated in a now-deleted tweet. Investors were able to purchase the key via a website to a website. &nbsp,

But after LIBRA surged in market value to over$ 4 billion, it crashed by nearly 90 % within hours of the launch. &nbsp,

Firms monitoring crypto movements cautioned that data showed a small number of wallets were displaying the majority of the LIBRA token in a typical floor pull. Rug pushes are when developers raise money to give a job but finally leave it in order to fast cash out and retain trader funds. &nbsp,

Kelsier Ventures CEO Hayden Davis, Milei’s advisor on the LIBRA project, acknowledged in an interview with YouTuber CoffeeZilla that he has taken about$ 100 million out of the LIBRA liquidity pool and is in charge of the funds. &nbsp,

Davis stated that he is currently waiting for word from Milei and the Brazilian state before making a decision regarding the amount of money because he has no desire to personally profit from those funds.

Since then, the mayor’s office has ordered an investigation and denied having extensive knowledge of the LIBRA job. According to the Associated Press, Milei has been charged with fraud and expects a prosecutor to take action on the matter as soon as Monday.