Argentinian president Javier Milei is facing calls for impeachment and a possible criminal investigation for his role in the rise and fast collapse of a memecoin.

The Solana cryptocurrency sank to the lowest level since early November as the president of Argentina became embroiled in a scandal involving a memecoin launched on the token’s blockchain.

Javier Milei's controversial post "caused a political firestorm", said The New York Times, with opponents describing him as a "crypto scammer". On Friday, Milei, a former private sector economist, posted on X about the $LIBRA coin which he promised would help fund small businesses and start-ups.

President Javier Milei addressed the growing controversy surrounding his involvement with the Libra memecoin. The token surged in value before crashing, triggering investor losses, lawsuits, and calls for his impeachment.