Crypto's Latin Connection Crumbles: Portnoy Escapes as Milei Faces Impeachment
Memecoins crash, NFTs surge, and technical signals flash warnings in this week's crypto rollercoaster
Bitcoin consolidates at $97K while meme coins, including Official Trump (TRUMP), see significant losses. Ethereum, Ripple, and Solana remain stable, though Litecoin and TRON post modest gains. Meanwhile, Argentine President Javier Milei faces impeachment calls after endorsing the now-collapsed Libra token, Bitcoin analyst PlanB shifts holdings to ETFs for easier management, and a scammer impersonates Bermuda’s Premier to promote a fake cryptocurrency. The total crypto market cap stands at $3.23 trillion, down 0.18% for the day.
BULLET SUMMARY
Dave Portnoy returned 6M LIBRA tokens
Argentina's President Milei faces impeachment
XRP and NFTs
Cardano surged 20%
Dogecoin - oof
GLOBAL RADAR
Rubio's Middle East tour supports Israel, saying Hamas "must be eradicated" while discussing Gaza ceasefire progress
VP Vance's free speech and far-right politics comments draw criticism from UK and German leaders
Syrian man's stabbing attack in Austria kills teen, injures four; classified as Islamic terror
New Delhi Railway Station stampede during Maha Kumbh festival kills 15-18 people
Actress Kim Sae-ron found dead at 24 in Seoul home
2025 BAFTAs celebrate "Conclave," "The Brutalist," and "Anora"; hosted by David Tennant
"Captain America: Brave New World" earns $40M opening day despite mixed reviews
67th Daytona 500 set for Sunday; President Trump to attend
US beats Canada 3-1 in tense 4 Nations hockey match marked by three fights
Ashley St. Clair claims birth of Elon Musk's 13th child; Musk hasn't confirmed
REMINDER
Bitcoin is secure and reliable for storing and transferring value - arguably the best invented.
Ethereum shines with complex stuff like smart contracts and decentralized apps – hello, DeFi!
Solana is all about speed and scalability with low fees - gamers and gamblers rejoice.
Polygon makes Ethereum faster and cheaper – basically, it helps Ethereum grow.
PORTNOY
Dave Portnoy revealed his involvement with the LIBRA token, which saw an 85% crash following an $87.4 million sell-off by the team behind it. Portnoy disclosed that he was given 6 million LIBRA tokens for free but returned them after refusing to promote the coin without full transparency. Despite the crash, Portnoy claimed he wasn't part of any wrongdoing, describing himself as the only "honest trencher" in the situation. Meanwhile, the LIBRA token's value continues to plummet, and investors are left questioning its future.
When Dave Portnoy is playing the part of ethical whistleblower influencer, you can only imagine how deep the rabbit hole actually goes. And how dirty it really is “in the trenches.” — BEANIEMAXI
Portnoy is gaining respect for his honesty and transparency in the crypto space, especially regarding the LIBRA token. His raw approach, admitting mistakes and sharing the details of his interactions—whether flattering or not—has earned him admiration. He openly acknowledges his decisions, like accepting free tokens and returning them when he realized he couldn’t be fully transparent. While some question his motivations, many appreciate how he stays true to his brand—calling out the shady side of crypto and remaining authentic throughout. Despite the controversy, his unfiltered stance highlights what’s often missing in the space.
SOLD
Javier Milei is facing impeachment calls after endorsing the Libra memecoin, which collapsed in a suspected insider scam. The Solana-native token surged to a $4.56 billion market cap following Milei’s February 14 endorsement but plummeted 94% within hours. Insiders reportedly cashed out $107 million, with blockchain analysis pointing to issues in the project’s tokenomics. Milei has denied prior knowledge, claiming no involvement in the project. His political opponents are using the debacle as leverage for his removal. The Anti-Corruption Office is investigating the incident, while LIBRA now sits 92% down from its peak. The story is still developing.
NFT
A major NFT amendment, NFTokenMintOffer, has gone live on the XRP Ledger after receiving over 80% validator approval. This update streamlines NFT creation by enabling minting and offer creation in a single transaction, reducing complexity and costs while boosting adoption. XRP Ledger NFTs, standardized by XLS-20 in 2022, have surpassed 7.6 million mints, with transactions surging 460% in Q4 2024.
RESISTANCE
Cardano (ADA) surged 20% following the announcement of Grayscale's Cardano ETF (GADA) but failed to hold above the key $0.80 resistance level, now trading at $0.77. Bollinger Bands indicate weakness, and with the ETF news already priced in, ADA's movement is now largely dependent on broader market trends.
BRACE
Is a crash coming? Dogecoin (DOGE) is at risk of a 20% drop as Bollinger Bands signal weakening momentum. Currently priced at $0.266, DOGE sits below its median of $0.276, with the lower band at $0.219 acting as a potential target. Without a reversal, further decline seems likely, though a close above the median could trigger a bullish recovery.
TRUST
The Shiba Inu team announces a key rule for the new crypto era. Team member Lucie warns against investments heavily pushed by influencers, governments, or exchanges, emphasizing only risking what one is mentally prepared to lose. This aligns with former Binance CEO CZ’s caution on due diligence in token economics. With rising scams targeting crypto newcomers, the SHIB team urges vigilance, verification from official sources, and safeguarding private keys.
As the dust settles on another turbulent week in cryptocurrency, we're reminded that beneath the headline-grabbing scandals and price volatility, meaningful development continues. The XRP Ledger's NFT amendment represents significant technological progress, while the painful lessons from the LIBRA debacle may ultimately lead to greater transparency and accountability. Despite technical warnings on popular tokens like Dogecoin and Cardano, the community's increasing emphasis on due diligence and verification from official sources suggests a maturing ecosystem. The contrast between Portnoy's unexpected transparency and Milei's costly endorsement highlights the unpredictable nature of influence in the space - and the importance of conducting your own research. Stay interesting, my friends.
