MAGAIBA, the Argentine lizard memecoin, “bleeds”

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Magaiba (MAGAIBA) is one of the many meme cryptocurrencies (or memecoins) born in recent months on the Solana network. Unlike most trendy memecoins, MAGAIBA’s logo is not a dog but an Argentine monkey lizard. And this animal was chosen because its two creators, Juan Ruocco and Pablo Wasserman, are from that country.

As CriptoNoticias detailed, MAGAIBA emerged – in the words of its creators and promoters – as a joke, with the aim of having fun.

Ruocco said at the beginning of March: “The goal was to see how far the joke would go. And the joke is growing a lot. We’ll see how long the fun lasts, but there is no pretense of anything. Just participate in the meme and see that: how far it goes.

For his part, Wasserman clarified in those days: «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».

But the truth is that many did manage to “make money” with MAGAIBA. According to the information available on the Dune Analytics platform, those who entered the project in its first hours and knew how to sell at the right time, obtained profits of up to $51,000.

Addresses (or “fats”) with the highest profits from MAGAIBA trading. Source: Dune.

The problem lies with those who did not know how to sell at the right time or, worse still, invested in MAGAIBA when this memecoin was close to its all-time high.

The following graph provided by the DexScreener platform shows how the price of MAGAIBA has behaved over time, since its launch:

MAGAIBA price since its launch. Source: DexScreener.

The quote of MAGAIBA fell more than 96% in less than a month, from its all-time high above $0.02. At the time of this publication, it is trading at $0.00078.

Many detect what they consider an ethical problem. The thing is, taking into account how prices are determined in a free market, in order for some to be able to sell MAGAIBA at high prices, there were those who had to buy them at those prices. So it can be said that Those newer investors were the “exit liquidity” of the investors who arrived in the early days.

The computer developer Alejo Amiras used his X social network account to express your indignation: “What’s up influenza shitty? I hope that profit (generating profits) with retail has been worth it. Now that there is a lot of talk about blacklists, there were a couple that added themselves, hey. Rekt so gentle. Rug so good».

Thus, Amiras criticizes that those who invested money in the first days (or even hours) of MAGAIBA have obtained profits by selling the tokens to investors who arrived later, perhaps with less knowledge of the subject.

Mariano Di Pietrantonio, a renowned Argentine etheran and enthusiast of the decentralized finance (DeFi) ecosystem, responded by pointing out that, in his opinion, the matter is not so serious: «It’s a casino, a memecoin, what did you want? Is it an FCI (common investment fund)?

Interacting with other users in that same publication, Di Pietrantonio wrote things like “it’s a memecoin, it’s almost obvious that it’s going to end like this”, or “people are adults and have to know what they are doing.” For him, “the problem is when things are promised.”

Discussion about Magaiba in X. Source: X.

A renowned member of the Argentine bitcoiner community, Franco Amati, also was pronounced favorably about Magaiba. He wrote on X’s account of him:

In bad times it is a good time to affirm that I bank Magaiba. I am not, have not been, nor do I plan to be a fork holder. Its existence, its nature, its meme soul is banked for adult people capable of understanding to what extent one can or cannot fuck with the money.

Franco Amati, Argentine bitcoiner.

As happened with Di Pietrantonio, many criticized Amati’s message. The bitcoiner responded to the criticism and thus revealed more of his thoughts on the subject.

“The soul of a scam is the only real thing that (MAGAIBA) has,” someone told him, to which Amati replied: “To be a scam there has to be deception or fraud, this is not the case.”

Another X user commented: «It is a non-legislated crime, those who handled and they profited, they do not stop being criminals. Amati did not agree and counterargued: «Investment has profit, so does going to the casino. That doesn’t make it wrong (I leave out the question of criminal or not because they are legal and not moral assessments).

In response to that same user, Amati said that—in his opinion—the pump and dump is not a fraud, even if the SEC calls it such. He added that he is against regulations that attempt to prevent certain price movements, because “they are typical of a lack of understanding of the nature of the market.” He adds: “The same thing happens with talking about deception or manipulation in voluntary sales with different levels of information and temporal subjectivities between the parties.”

Another who spoke out recently, not about MAGAIBA but about memecoins, is the co-creator of Ethereum, Vitalik Buterin. As CriptoNoticias reported on Friday, although he does not find these coins “fun”, he understands that there are people who do.

In any case, in his opinion, it would be necessary take advantage of resources to create more useful and really fun thingsFor example, play-to-earn video games that are entertaining and fulfill a relevant social function.

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