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The cryptocurrency market experienced a downturn over the weekend due to a memecoin controversy involving Argentina’s President Javier Milei. Milei promoted the Libra memecoin on his X account last Friday, claiming it could boost Argentina’s economy, according to the Buenos Aires Herald. The now-deleted tweet triggered a buying frenzy, with Libra’s price soaring 3,000 percent within hours and its market capitalization reaching $4.5 billion. However, this dramatic rise proved unsustainable. The initial surge, fueled by presidential endorsement, was short-lived. The endorsement quickly drew…
