LIBRA currently trades at $0.3390, marking a 10.30% decline over the past day. During this period, its price fluctuated between $0.3305 and $0.756, while trading volume surged by 252.93% to $141.82 million. The market cap now stands at $86.94 million, with 256.43 million tokens actively circulating.
Key Events That Influenced LIBRA’s Price
Argentine President Javier Milei retweeted information about LIBRA, which triggered accusations of fraudulent promotion. Milei denied these claims, stating, “I didn’t promote it, I shared it.” This public involvement raised concerns about LIBRA’s legitimacy, prompting investors to sell their holdings and fueling the price decline.
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On-Chain Activity Reveals Whale Panic
Simultaneously, a LIBRA whale endured massive losses. Three days ago, this whale invested 17,450 SOL ($3.25 million) to purchase LIBRA. They later sold for 3,200 SOL ($595,000), suffering a $2.65 million loss. The whale made a second attempt, buying 2,855 SOL ($531,000) following Milei’s retweet. Unfortunately, they sold for 2,159 SOL ($412,000), incurring another $129,000 loss. These events intensified market volatility, causing rapid price shifts.
LIBRA’s price reached an all-time high of $1.03 on February 15, 2025, but quickly fell 68.03%. It also recorded an all-time low of $0.123 the same day, followed by a 168.73% rebound. This wild fluctuation reflected speculative trading patterns.
Insights from the 24-Hour Chart
The chart shows LIBRA’s stagnant behavior early in the day, followed by a sharp price spike around 6 PM yesterday. This surge corresponded with Milei’s retweet, which temporarily attracted speculative traders. The price quickly reversed as selling pressure mounted, suggesting a classic “buy the rumor, sell the news” pattern. Subsequent trading activity stabilized near $0.40 before declining again.
Technical indicators, like the Relative Strength Index (RSI), suggest the token remains oversold. This status could attract bargain hunters, though caution prevails given ongoing legal scrutiny.
Potential Price Scenarios
LIBRA might stabilize if buying pressure returns near the $0.40 level, especially if legal concerns subside. However, if panic selling continues, the price may dip below $0.30. Sustained trading volume could prevent further decline, although uncertainty lingers due to ongoing political investigations.
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In conclusion, LIBRA’s volatile behavior underscores the risks of meme coin investments. The ongoing political controversy and whale activity add uncertainty. Investors should exercise caution, considering both on-chain data and external developments.
