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Milei’s X post was deleted shortly after the token collapsed as he realized that promoting the asset was a mistake.
Even though Milei apologized later on and claimed that he was unaware of the project’s details, his detractors are doubtful of his true motives and claim that he should have known better.
Argentinian regulators and lawmakers are now taking a closer look at the incident and they have already threatened to impeach and sue Milei for defrauding thousands of investors.
Donald Trump’s actions involving the sale of TRUMP and MELANIA and the significant concentration of tokens that will be in the hands of insiders have prompted backlash from Democratic lawmakers.
This “insider pool” will be progressively released to the market within the next three years in the case of Trump.
Similar to what happened to LIBRA, TRUMP’s market cap dived from a post-launch peak of around $15 billion to $3.2 billion at the time of writing.
This latest controversy could gain enough momentum to support a cause against the President of the U.S. amid potential violations of securities laws and regulatory guidelines concerning the sale of assets to retail investors without providing appropriate disclosures about the risks involved.
TRUMP Traps Bulls and Resumes its Decline
The TRUMP/USD 1-hour chart from Coinbase shows how the token briefly spiked above a key resistance level on Friday – just hours before the LIBRA situation unfolded. As the events progressed, the price of TRUMP dived and the downtrend resumed.
As a result, Friday’s move can now be interpreted as a bull trap, meaning that the short-term outlook for TRUMP is still bearish.
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