Argentinian president Javier Milei promotes memecoin that then crashes 95% in apparent $100 million+ rug pull

Because there will always be a new naive generation (aside from those severely mentally ill), a share of people will ALWAYS fall for it. Every year, new people will fall for it

So don't be surprised, be informed.

Well, these were most likely Milei's voters, so what could you expect?

I'm sure a bunch of people buy knowing it'll collapse, but thing they're so smart and savvy they'll sell it just in time to get rich

It's scamming the true believers and creates an obfuscated channel for the oligarchs to deliver the carrots / bribes. When Trump launched his memecoin and got a question he waved at the tech billionaires and said "it's peanuts for these guys". Unfortunately nobody followed up with asking if that meant those guys were the ones transferring money to Trump through the memecoin.

Yeah this is why we have regulations and consumer protection, or should have.

I mean, with all due respect, mostly these memecoins aren't promoted by presidents of countries with sized economies as investment opportunities.

If you are not an insider, don't buy, simple as that. And even if you think you are, are you really? Were you invited to the lavish opening party with the flamingos and the dancers at the huge mansion with two pools and all that? If not, then you are at the bottom of the totem pole, much like anybody else. Your designated role is to funnel your own money upward.