A meme coin scandal and investigation have dented the popularity of Argentina's libertarian President Javier Milei and hindered his efforts to strengthen political alliances ahead of congressional midterm elections this year.

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.

Argentina holds the world’s fourth-largest reserves of shale oil and more shale gas than anywhere except China. Argentines started tapping Vaca Muerta around a decade ago. Production grew steadily. Then, a few years ago, it exploded. In 2024 Argentina exported more energy than it imported for the first time in 14 years.

Argentina’s libertarian president, Javier Milei, posted a link on X/Twitter to promote $Libra, a new cryptocurrency that, in his words, would “promote economic growth in Argentina and fund small business and entrepreneurship in Argentina.