Argentinian President Javier Milei faces serious allegations amidst a growing crisis in crypto investments. Investors must learn from recent events and put an end to the ridiculous trends in meme coins, as the situation has the potential to escalate further.
The Misuse of Meme Coins
By 2017, Dogecoin 
$0.139586 emerged as the most popular meme coin. During the 2021 bull market, absurd yet limited meme coins derived from Elon Musk’s tweets appeared, many of which managed to survive. As we approach the 2025 bull market, over 11 million tokens have transformed the market into a foolish game.
Countless tokens are created with no utility and a lifespan of only hours. Everyone recognizes how foolish this seems, yet traders buy and sell them, often profiting within minutes. Their sole aim is to sell their tokens to a few buyers for a profit of 30-150% shortly after purchase. If luck favors them, they find a buyer at a higher price; otherwise, they learn too late they were the prey.
A Greater Crypto Collapse Could Happen
Despite millions of tokens minted, only 800-1,000 notable assets exist in centralized crypto exchanges, including meme coins. Some meme coin projects are community-driven and genuinely strive to deliver products, while many others aim to exploit the blockchain space differently. This indicates that, as previously mentioned, there are only hundreds, not millions, of serious projects.
Investors need to end this cycle where they enter with the intention of hunting but become victims, leading to nearly $15 billion in hot money withdrawn from exchanges due to scams. The ongoing liquidity issue is partly due to this situation.
The fraudulent meme coin backed by President Javier Milei aims to replicate previous scams in countries like Nigeria. Following the Libra fiasco, discussions with other countries likely ended unsuccessfully. On Monday, several U.S. law firms, including Bruwick Law, announced their intent to file a class-action lawsuit against the Argentinian president. Victims believe Javier’s role in this scam extends beyond mere involvement.
Reports indicate that Kelsier Ventures, the company behind the fraud, recently planned to issue a meme coin on the Solana 
$143 network in collaboration with Nigerian officials. Familiar sources suggest that while the process may continue, the Libra incident could ultimately jeopardize this project.
