What happened when Argentina's president promoted a cryptocurrency on social media?

The incident began last week when Argentina's president promoted a crypto meme coin on his X (formerly Twitter) social media account, claiming it would help fund small businesses and startups. He even shared a link to purchase the cryptocurrency, which caused its price to rapidly increase. However, within just a few hours, the situation took a dramatic turn as the cryptocurrency's value nose-dived. This sudden crash resulted in significant financial losses for investors who had put money into the meme coin following the president's endorsement. This case highlights the volatile and risky nature of meme coins in the cryptocurrency market.