Javier Milei has faced backlash following his initial support for a $4.4 billion memecoin, after reports emerged that insiders had profited immensely from the investment. The discussion highlights a broader skepticism surrounding cryptocurrencies, particularly memecoins, as many users express concerns over their value and volatility. Comments note the general classification of cryptocurrencies as memecoins due to their speculative nature and lack of inherent value, drawing parallels with other popular tokens like $TRUMP and the idea of a $PUTIN token.