Over 86% of Libra Meme Coin Traders Sold at a Loss, Totaling $251M: Nansen

On-chain analysis reveals that the majority of Libra meme coin investors suffered significant losses in what appears to be a classic pump-and-dump scheme.

According to blockchain analytics firm Nansen, over 86% of traders, amounting to 15,430 wallets that traded with gains or losses exceeding $1,000, sold at a loss.

The combined realized losses reached a staggering $251 million.

Nansen Report Exposes Winners and Losers in Libra (LIBRA) Token Frenzy

Released on February 19, Nansen’s report highlights the stark contrast between winners and losers in the Libra (LIBRA) token frenzy.

While 2,101 wallets managed to secure profits totaling around $180 million, the overwhelming majority faced deep financial setbacks.

“Insiders took profits, retail got burned, and key backers distanced themselves,” Nansen noted.

A select few wallets pocketed millions, but most retail investors were left with heavy losses.

The breakdown of losses reveals the extent of the financial damage. Approximately 1,478 wallets recorded losses between $1,000 and $10,000, amounting to $4.8 million.

Over 2,800 wallets lost between $10,000 and $100,000, totaling $82.4 million.

A further 392 wallets saw losses between $100,000 and $1 million, contributing to an additional $96.5 million deficit.

Notably, 23 wallets each lost more than $1 million, combining for a total loss of $40.9 million.

Nansen highlighted that the top 15 addresses alone accounted for $33.7 million in losses, with one wallet still holding 57% of its original balance.

$LIBRA is still on everyone’s minds.

Maybe it’s the token, maybe it’s the trust issues. pic.twitter.com/oUUvEW4Eit

— Nansen 🧭 (@nansen_ai) February 19, 2025

A surprising detail emerged with Barstool Sports founder Dave Portnoy, whose wallet experienced the largest single loss of $6.3 million.

Portnoy, initially involved in promoting the project, returned six million LIBRA tokens he had received as payment, attempting to distance himself from the fallout.

Legal repercussions are already underway. Burwick Law, the firm pursuing lawsuits against Pump.fun and the creators of the Hawk Tuah (HAWK) meme coin, has initiated investigations into the LIBRA debacle.

Representing hundreds of affected clients, the firm emphasized its commitment to helping victims explore financial recovery options.

Key Players Behind LIBRA Token: Hayden Davis and Julian Peh Revealed

Central figures behind the LIBRA token launch include Hayden Davis, CEO of Kelsier Ventures, and Julian Peh, CEO of KIP Protocol.

Davis and Kelsier Ventures reportedly profited approximately $100 million from the token’s launch, though Davis insists he does not directly hold the tokens and has no plans to sell them.

The controversy intensified after Argentine President Javier Milei briefly shared a post about LIBRA on social media platform X, which was deleted within five hours.

Local media outlet La Nación reported that messages allegedly implicating Milei’s sister, Karina Milei, might indicate further involvement—claims denied by Davis.

As fraud lawsuits mount, President Milei has refuted accusations of promoting LIBRA, claiming he only shared information rather than endorsing the token.

However, Argentina’s opposition party has called for his impeachment in response to the scandal’s political fallout.

As reported, meme coins dominated the crypto landscape in 2024, capturing nearly a third of investor interest, according to a CoinGecko report.

The study, which analyzed site traffic from January 1 to December 21, revealed that 31% of crypto-related searches centered around these highly speculative tokens.