Not surprisingly, nearly everyone who traded the LIBRA token associated with Argentine President Javier Milei lost money, according to Nansen Research.

Citing onchain data, the firm found that through Tuesday, 86% of traders had lost a total of $251 million on the Solana-based LIBRA memecoin.

"LIBRA was minted on February 14, 2025, at 21:38 UTC," said Nansen Research in a post. "At 22:01 UTC, Milei tweeted about it, sparking market interest, with snipers joining in simultaneously. By 22:44 UTC, the token’s price surged to a peak of $4.55, marking a dramatic rise within an hour of its creation, only to immediately fall."

After surging to a market value of about $4 billion, LIBRA crashed 95%. This week, Milei tried distancing himself from the project, saying he didn't mean to persuade people to buy the memecoin but instead meant to "spread the word."

According to Nansen Research, traders who avoided losing money profited $180 million. The firm added that "1,001 wallets are still holding the token with combined unrealized losses of just around $11 million."

"One of the most successful snipers realized a profit of $6.5 million," Nansen Research also said. "The wallet was funded by a Bybit wallet as well as another external wallet, which is also a trading bot user." 

The researchers came to their conclusions by evaluating "wallets that had an absolute gain or loss of more than $1,000."

Milei is facing fraud charges for his involvement in raising awareness for the memecoin.

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