an Argentine cryptocurrency soars due to the momentum of its community

The memecoin fashion (cryptocurrencies based on memes) reached the lands of the River Plate with MAGAIBA, a token from the Solana network that started as a joke, but in a few days reached unexpected heights.

The creators of MAGAIBA are Juan Ruocco and Pablo Wasserman, hosts of the video podcast “Círculo Vicioso”. In the 171st edition of the program, broadcast on March 7, announced that they would create a cryptocurrency (more precisely, a token), which would be called MAGAIBA.

And why Magaiba? The name comes from a video that went viral on the Internet, of a Chinese woman introducing her pet: an Argentine monkey lizard named MacGyver (which, in Spanish, according to this woman’s pronunciation, sounds like “Magaiba»).

Ruoco and Wasserman announced in their program: «To explain it easily, we are going to make a ‘crypto’, a little coin, it will be on the Solana blockchain because yes, because it works and it is cheap. And the way you start this is by creating liquidity. For someone to be able to acquire MAGAIBA, there must be money on the other side that allows them to operate. “We are going to generate a market for MAGAIBA.”

The Círculo Vicioso hosts, then, shared with their audience a Solana network address so that those who wanted could send SOL (native cryptocurrency of that network) in order to create the liquidity pool. The goal was to reach approximately $1,200 in SOL.

Screenshot of the Círculo Vicioso video podcast. Source: Vicious Circle – YouTube.

Finally, the expected liquidity was achieved. On March 7, Wasserman posted on his X account:

«The MAGAIBA era began. In less than 12 hours we raised more than 1,400 dollars to create the cryptocurrency of $MAGAIBA (so gentle), without any expectation of return, but of glory.

Pablo Wasserman, co-creator of Magaiba.

Thenthe token was issued that, since March 8, can be traded in Jupitera decentralized exchange (DEX) from Solana.

MAGAIBA started trade for around $0.00006. Although a “gentlemen’s agreement” was established not to sell MAGAIBA, evidently, there were those who carried out sales operations since its price rose and fell, due to the simple law of supply and demand, as occurs with all cryptocurrencies. The price fluctuated quite a bit due to the low liquidity of the token. Nothing striking, until then.

Many followers of Cículo Vicioso began to acquire the token for fun or, perhaps, as a sign of support for the YouTube channel. Furthermore, as cryptocurrency holders usually do, after acquiring the token, They began to spread MAGAIBA on social networksmainly in X. They did it, above all, following the usual practice with memecoins, which is to promote them through memes.

But, on March 10, after noon (UTC time), everything began to change. The memes were already going viral and what began as a community entertainment of a video podcast in Spanish began to cross borders. And thus, much greater capital was entering MAGAIBA.

The following graph, taken from the DexScreener platform, allows us to see How has the price behavior of this token been? from the time of its release until the time of this publication. Each candle (red or green vertical bar) represents one hour.

MAGAIBA price in US dollars. Source: DexScreener.

The maximum price was reached on March 13, and was 0.02179 dollars. Considering that it started trading for $0.00006, this represents an increase of more than 363X in just 5 days.

MAGAIBA’s market capitalization remains relatively small (about $20 million at its all-time high) and liquidity relatively low, so its price still has high volatility.

The price skyrockets and so does the debate about MAGAIBA

MAGAIBA left the borders of the followers of Círculo Vicioso. Currently, it can be said that there is already a community of «magaibers». These are those who have acquired units of this token and feel part of the group that revolves around this financial asset.

In social networks There are plenty of memes that have MAGAIBA as the protagonist:

In this context, it is worth asking: is it ethically correct to disclose a memecoin, which has no use case, nor solves any problem, but was simply created – in the words of Wasserman and Ruocco – for fun?

Many believe that there is no problem with doing this. Mariano Di Pietrantonio, co-founder of Num Finance and Maker Growth, wrote:

«Before they start to be moral beacons of light, truth and love, memecoins are just that: memes. They do not want to put a non-existent cognitive load on it. It’s something more like a game than anything else, like buying a CSGO skin. Don’t rush into a thermos to put in any money, you’re not going to save yourself, you’re not going to be a millionaire. “Don’t be stupid.”

Mariano Di Pietrantonio, co-founder of Num Finance.

Ariel Sbdar, CEO of the stock broker Cocos Capital, thinks something similar. He says that what happened with MAGAIBA is “crazy for an asset without foundations.” He adds that, in his opinion, “it’s great to have fun with these tokens” but it is necessary to know that “the value of these things in the medium term tends to zero.” Therefore, he remembers that if someone wants to put money in MAGAIBA, he must do so “always very carefully and knowing that he can lose everything.”

Sebastián Serrano, director of the Ripio exchange, agreed with Sbdar’s words and provided some tips: «Don’t put money into it that you can’t lose; If you made money that can change your life, take profits at least partially; It is a meme and its value is cultural; some memes last longer and others less; “Also in this case it works as a community token.” Serrano adds that “these last two points are the keys to evaluating its value. For very financial people who seek to discount cash flows, these things short-circuit them. As a final recommendation, he reminds us that the objective with which MAGAIBA was launched was to have fun, which is why he recommends: “And no less important, laugh your ass off.”

The founder of Democracy Earth, Santiago Siri, says value the cultural fact behind MAGAIBA: «the contribution to our techno pop culture of Pablo Wasserman and Juan Ruocco and their entire community should not be underestimated. My standing applause from a simple follower from cement.

But Not everyone is so happy with the popularity that this token based on an Argentine monkey lizard has achieved. The thing is that there is money involved and, no matter how many warnings are issued, it is inevitable that some people buy MAGAIBA as if it were a serious investment, to try to obtain an economic return.

The computer developer Gabriel Benmergui considers that this is a scam and compares it to ZoeCash, the cryptocurrency launched by Leonardo Cositorto, which deceived investors by saying it was backed by gold bullion. Benmergui says:

«The Argentine crypto space is experiencing its ZoeCash. Financial scams are inevitable, the public just renews itself. Those who participate convince themselves that they are not doing anything wrong, that it is a shame for Videomatch, and they tell the others that if they lose money, don’t get angry. “They have already passed the threshold of madness and give illusions of profits, a line that they did not want to cross just 48 hours ago.”

Gabriel Benmergui, computer developer.

The X user who identifies herself as iamnicki.eth think that it seems perfect for everyone to do what they want with their money. But does not agree with ecosystem leaders disclosing highly risky cryptocurrencies. «If you are a crypto reference, knowing that they read you newbiesat least you can clarify that they are careful and that they are buying something worthless beyond the FOMO of a pair… Unless obviously, you are attracting your exit liquidity“, says. This exit liquidity (or exit liquidity) refers to the fact that the first investors sell their tokens to the newer ones to make profits. And newer ones usually see the price of the token drop before they manage to get rid of it.

For their part, the creators of this joke that grew beyond expectations, They assure that they have no intention of making money from this. «The aim was to see how far the joke continued. And the joke is growing a lot,” says Ruocco. «We will see how long the joke lasts, but there is no pretension of anything. Just participate in the meme and see that: how far it goes,” he adds.

Wasserman also calls for caution: “Let’s be very clear: the idea of ​​this is not to make money. We want those who put it in to pretend that they lose it. We are hyper transparent with that because in the world of shitcoins projects are inflated, then they go away and leave people in disbelief. This is 100% for the LOL”.

Meanwhile, the coin with the image of the Argentine monkey lizard continues to advance. Some exchanges have given indications that they have already set their sights on MAGAIBA. For example, from the Binance Argentina X account, publications were made about the token (which were later deleted without explanation):

Binance Argentina made mentions of MAGAIBA in its X account, but later deleted them. Source: Binance Argentina – X.

And there are also those who—a little jokingly, a little seriously—envision a future in which this token fight him to industry giants such as PEPE.

In all this, the call for caution from the creators of MAGAIBA must always be present. As CriptoNoticias has explained on numerous occasions, memecoins have no fundamental value and should not be considered a serious financial investment. Just as some have made money with them, many more have lost, sometimes, money that they could not afford to lose.

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