- RTR token gains 1,200% in response to fictitious Trump endorsements.
- The value of RTR token experienced significant fluctuations after false endorsements.
- Officially, Trump’s kids issued a warning about phony cryptocurrency coins.
Restore the Republic (RTR), a meme coin on the Solana blockchain, saw tremendous price volatility on Thursday. It spiked to a $155 million market cap before collapsing 95% because to unfounded rumors linking it to the late President Donald Trump.
Following social media tweets by Donald Trump Jr. and Eric Trump anticipating an impending DeFi announcement and applauding the cryptocurrency community’s love of their father, the RTR token saw a sharp surge and decline. There had been talk of a possible Trump-backed cryptocurrency project after Eric Trump tweeted earlier that he had fallen in love with DeFi and cryptocurrency.
According to GeckoTerminal statistics, the token’s price surged from $0.0005 to $0.1460 in a matter of hours before sharply falling to $0.0076. Influential people on X promoted the token as perhaps being connected to the former president, which increased its volatility. As of this writing, the token is trading for $0.0084.
The rumor was first spread by Students for Trump chair Ryan Fournier, who said, “Report has it that the official trump coin is out…called Restore the Republic.” He subsequently removed this tweet, though, and clarified that Don Jr. would be supporting the token, according to sources. That is why I said rumor. I’m not a huge crypto guy and I was not in any way involved in this initiative.
When Eric Trump openly criticized the token’s connection to his father, the bubble burst. He responded, “This is completely untrue,” in answer to rumors of an official Trump token. Regarding unapproved projects, Donald Trump Jr. and Eric both issued advisories. Donald Jr. shared, It will be equitable for all, and the sole official initiative will be directly announced by us. Stay tuned for the real stuff and don’t be duped.
This episode has highlighted how erratic the meme coin market is and how easily false information may spread. Crypto watchers cited proof that Kanpai Labs, the company that created the Kanpai Pandas NFTs, had promoted the token before it was released. In a since-deleted article, Bags—the pseudonymous author of Kanpai—said that the Trump family chose the launch date before scolding us.
The sharp fluctuation of the RTR token highlights the value of conducting thorough research in the cryptocurrency space, particularly for projects with prominent affiliations. It also demonstrates the extent to which government figures and social media stars, even in the absence of direct participation, may impact cryptocurrency prices.
There have been other tokens with Trump themes that have caused controversy. Recently, claims made by Martin Shkreli that he and Barron, the son of Donald Trump, were the creators of another token called DJT made headlines. The DJT token then experienced a 90% drop last week as it seemed that a sizable token holder was selling in bulk.
The episode demonstrates Donald Trump’s lasting influence among crypto aficionados. According to analytics company LunarCrush, the number of cryptocurrency tokens with Trump or MAGA themes has increased to 162 from 111 just two weeks ago. The emergence of tokens associated with President Trump illustrates the intersection of politics and cryptocurrency, particularly with regard to the exploitation of unregulated markets and political figures.
According to data from Gecko Terminal, RTR has maintained a notable increase since its introduction despite the crash, with a trading volume of almost $130 million. This episode should serve as a lesson to cryptocurrency investors, highlighting the importance of doing extensive research and exercising skepticism when it comes to unsubstantiated claims of celebrity or political support.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
