As the Libra rug-pull scandal rocks the crypto world, traders are questioning whether this might actually benefit the prices of certain names in the meme coin space, like the TRUMP coin.
Over the weekend, Argentinian President Javier Milei took to X to promote a cryptocurrency called Libra, which supposedly aimed to raise funds for small businesses and start-ups in Argentina.
However, soon after Milei’s tweet, insiders quickly dumped the token and it lost nearly all of its value. Milei soon deleted the coin.
Whether Milei was in on the scheme or tricked into promoting the coin by unscrupulous project insiders remains to be seen.
Cardano founder Charles Hoskinson said in a video streamed on Sunday that Milei was misled by advisers relating to the coin, which was likely pitched to him as a good idea, and perhaps compared to TRUMP coin.
While the Presidential office has stated that Milei was in no way involved in the crypto’s development, the opposition in Argentina is calling for Milei to be impeached.
Meanwhile, a federal Argentinian judge is set to investigate the saga, news which sent Argentinian stocks reeling on Monday.
The story has dominated headlines in crypto this week, and its not a good look for the industry, which has struggled to overcome an association with “crime” and “scams” since its inception.
Could the Fallout Benefit TRUMP Coin?
With meme coins back in the headlines this week amid the ongoing Libra scandal, could this actually prove to be a bullish catalyst for TRUMP coin?
Unlikely. TRUMP coin is already down over 13% on the week, and, last at $16.20, could soon retest its recent lows in the $14 area.
No association between the creators of TRUMP coin and Libra have yet been uncovered. However, links between Libra and MELANIA, the first lady’s meme coin, have been uncovered.
Bubblemaps recently published a thread on X presenting evidence for the connection.
Does that mean MELANIA is also a rug pull in waiting? It’s chart certainly looks like its already been just that, with MELANIA last trading around $1.25, down over 90% from its post-launch record highs above $13 per token.
However, association with a meme coin scandal like LIBRA could significantly dent MELANIA’s value going forward.
There is no on-chain or otherwise evidence to suggest TRUMP is also connected. However, that doesn’t mean “scam” FUD won’t also damage demand for TRUMP going forward.
That said, the TRUMP brand is such a powerhouse that most meme coin traders will have likely forgotten about all of this within a few weeks.
All it will take is for a few strong days of price action, and meme coin traders will likely start FOMOing back into TRUMP coin pretty quickly.
Better Alternative to TRUMP Coin – Meme Index (MEMEX)
One major criticism of TRUMP coin is the tokenomics distribution, which heavily favors early investors, insiders and Trump himself.
The coin could perform very well in the years ahead, but meme coin investors should always be looking to diversify their holdings.
One exciting new meme coin that should be on their radar is a project called Meme Index (MEMEX).
Unlike typical meme coins riding hype alone, Meme Index offers a decentralized fund that bundles the hottest meme tokens into four volatility-based baskets—from stable giants like Dogecoin to wild moonshots.
This diversification slashes risk while maximizing upside, a rare combo in this chaotic market. With over $3.7 million raised in its presale and staking APYs soaring past 600%, early investors are already hooked.
Plus, MEMEX holders get governance power, voting on which coins make the cut—think community-driven gains with built-in scam protection.
Backed by solid audits and a buzzing social presence, Meme Index isn’t just another fleeting meme—it’s a smart play in a $120 billion sector.
Learn More About MEMEX Here
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