Argentina’s President Javier Milei is under fire after promoting the cryptocurrency token $LIBRA, which surged and then crashed. On Friday he posted on social media endorsing the token saying it will boost Argentina’s economy by funding small businesses and attracting investors.
His support initially caused the token's value to soar as investors flocked to buy. However, concerns about a possible rug pull scheme in which developers pull out of a project after securing funding spread swiftly. The value of $LIBRA fell as a result of panic selling. Milei deleted his post and disassociated himself from the initiative after the uproar. In the meantime, X warned of $LIBRA's similarity to well-known cryptocurrency scams.
The $LIBRA incident has drawn back concerns about meme coins, which often rely on hype rather than real-world use cases. Some meme coins like Dogecoin have gone mainstream, but others have ended in massive losses for investors. Meme coins are high-risk investments and often lead to rug pulls and pump-and-dump schemes.
Financial analysts warn that meme coins are still vulnerable to manipulation without regulatory oversight. Unlike established coins like Bitcoin and Ethereum, these tokens have no fundamental backing and are risky for retail investors.
While meme coins are being skeptical, AI coins are gaining momentum. One project in this space is Ozak AI, which combines artificial intelligence with blockchain technology. The project aims to improve efficiency, security and scalability across industries like DeFi, health and supply chain management.
Ozak AI uses blockchain to solve problems like high transaction fees and network congestion. Their Ozak Stream Network (OSN) and Decentralized Physical Infrastructure Networks (DePIN) enable real-time data processing, making blockchain transactions faster and more reliable.
Ozak AI is in its 3rd presale phase with a token price of $0.003. The next phase will be $0.005 and then a structured increase to $1. With a target price of $1 and a listing price of $0.05, the project is getting a lot of interest from investors with over 1 billion tokens sold so far.
To further incentivize early investors, Ozak AI has launched a $1 million reward program. Anyone who buys at least $100 worth of $OZ tokens can enter the draw; the top prize is $100,000.
The $LIBRA controversy shows the risks of meme coins that have no fundamental use and are manipulated by the market. AI-driven projects like Ozak AI are gaining momentum because of their real-world use and long-term potential. As the market evolves investors will move towards utility tokens and leave the meme coins behind.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. Also note that the cryptocurrencies mentioned/listed on the website could potentially be risky, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more about the financial risks involved here.