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Jupiter made a statement regarding the allegations of insider trading at the LIBRA Token Launch! Here are the details
Jupiter, a decentralized exchange aggregator based on Solana, responded to insider trading allegations related to the recent launch of LIBRA, a meme coin themed after Argentina.
Jupiter addressed insider trading allegations at the LIBRA Token Launch
According to Jupiter, the release of an 'Argentina Coin' was widely anticipated among meme coin communities. The platform confirmed that Ben from Meteora, a DeFi protocol, was aware of LIBRA's contract address (CA) just minutes before the launch for verification purposes.
When Jupiter labeled LIBRA with the "Verified" tag in the Trenches product, the token had already reached a market value of 1.5 billion dollars.
Jupiter Insider Trading Allegations Denied
Amid concerns of possible insider trading and sharpshooting, Jupiter stated that it takes such allegations seriously and is conducting an internal investigation. The platform reported that it found no evidence of team members engaging in unfair trading practices.
Jupiter stated in an official announcement: "We take insider trading allegations seriously. We conducted our own investigation and did not find any evidence of sniper shooting by team members."
The rapid price increase of LIBRA and its high initial market value have fueled concerns within the crypto community about fair access to meme coin launches. Some traders have expressed doubts about how insiders can gain an early advantage in such highly speculative markets.
Jupiter's response aims to assure users that their processes are transparent and that no privileged treatment was given during the launch of LIBRA.
However, discussions on fairness and honesty in memecoin trading will likely continue as the market remains quite volatile and speculative.