FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * Galperin Marcos   2. Issuer Name and Ticker or Trading Symbol MERCADOLIBRE INC [MELI] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director __X__ 10% Owner __X__ Officer (give title below) _____ Other (specify below) President and CEO (Last) (First) (Middle) ARIAS 3751, 7TH FLOOR 3. Date of Earliest Transaction (Month/Day/Year) 11/08/2011 (Street) BUENOS AIRES, C1 C1430CRG 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Call Options (obligation to sell)

$ 105

11/08/2011

S

10

11/08/2011

06/16/2012

Common Stock

1,000

$ 610

10

D

Call Options (obligation to sell)

$ 105

11/08/2011

S

11

11/08/2011

06/16/2012

Common Stock

1,100

$ 620

21

D

Call Options (obligation to sell)

$ 105

11/08/2011

S

29

11/08/2011

06/16/2012

Common Stock

2,900

$ 630

50

D

Call Options (obligation to sell)

$ 110

11/08/2011

S

24

11/08/2011

06/16/2012

Common Stock

2,400

$ 480

24

D

Call Options (obligation to sell)

$ 110

11/08/2011

S

26

11/08/2011

06/16/2012

Common Stock

2,600

$ 490

50

D

Call Options (obligation to sell)

$ 115

11/08/2011

S

50

11/08/2011

06/16/2012

Common Stock

5,000

$ 370

50

D

Call Options (obligation to sell)

$ 115

11/08/2011

S

50

11/08/2011

06/16/2012

Common Stock

5,000

$ 370

100

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Galperin Marcos ARIAS 3751, 7TH FLOOR BUENOS AIRES, C1 C1430CRG	X	X	President and CEO

Signatures

Jacobo Cohen Imach (Attorney-in-fact)		11/10/2011
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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