A recent surge in interest for memecoins endorsed by Argentine President Javier Milei has resulted in substantial losses for investors. Approximately 86% of crypto traders who invested in these coins lost a total of $251 million, while insiders reportedly gained $180 million. A survey of 1,066 crypto investors indicated that nearly 80% purchased president-endorsed memecoins, including CAR, LIBRA, and TRUMP. The appeal of these investments was driven by political relevance and viral marketing, with 37% of buyers being first-time investors. However, 21% of these individuals have since exited the crypto market. Following a significant price surge after Milei's endorsement, the value of the cryptocurrency plummeted, leading to accusations of fraud against the president. One investor, who put in $12,000, reported losing half of his investment shortly after the cryptocurrency's launch, reflecting the volatility and risks associated with such speculative investments.