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.

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.

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.

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.