damn, what happened right before 2024?

Important context to that graph is the fact you're showing the official exchange rate, which was 1/3rd the street rate at the time. The government rate was fixed by the government, while the street rate was determined by a free-ish market (in the economic sense, it was an illegal market)

Especially bad given 2025 has been the worst year for the USD in decades. Admittedly only 10-12% decline for USD

Edit: I've been reading more about the Argentinian economy today. The exchange rate is very misleading. Milei has done a terrible job, but the important context to the exchange rate is that it was artificially deflated by the government for a long time. I posted a better chart in another comment