A new cryptocurrency, Restore the Republic (RTR), recently made headlines with a dramatic rise and fall, despite trading for less than a day. The token launched on the Solana blockchain on Thursday and was initially linked to former President Donald Trump’s son, Eric Trump, due to his recent X (formerly Twitter) post about a “big announcement” in crypto and DeFi space.
The speculation quickly spread that RTR could be the much-anticipated announcement. Ryan Fournier, chair of Students for Trump, fueled the rumors by claiming that the official “Trump coin” was now live. The buzz led to a massive influx of over $155 million into RTR within six hours, causing its value to soar by over 120%, according to CoinGecko data.
However, the token’s success was short-lived. After peaking at $0.022, RTR’s price plummeted by more than 80% within an hour. The sharp decline was triggered by a tweet from Eric Trump, who cautioned about “fake tokens” and clarified that no official Trump project had been announced yet.
Donald Trump Jr. also addressed the situation, emphasizing on X that while he enjoys the memecoin culture, it’s important not to associate any token with the Trump family unless officially confirmed. He urged the public to rely on direct statements from the family rather than speculation.
In the wake of the token’s fall, Fournier clarified that his earlier statements were based on rumors and that he had no involvement in the project. He defended his position by stating he was not a major crypto enthusiast and had relied on information from unnamed sources.
Further complicating the situation, some members of the crypto community pointed to Kanpai Labs, known for creating Kanpai Pandas NFTs, as the initial promoter of RTR. The creator, known as “Bags,” claimed that the Trump family was behind the token and had selected the launch date before abruptly withdrawing support and deleting promotional posts.
Read more: Trump’s Plan for US Bitcoin Stockpile Alarms Forfeiture Experts
RTR is not the first Trump-themed memecoin to surface. Super Trump (STRUMP) and MAGA (TRUMP) have also experienced significant price movements in response to Trump-related news and forecasts, with market caps of over $14 million and $140 million, respectively.
As RTR’s dramatic rise and fall illustrate, the intersection of political figures and cryptocurrency continues to create volatility and confusion within the market.
Cre: Fortune
David Ma was born in 1980 in California, is a Vietnamese American, known as one of the entrepreneurs and investors in the field of cryptocurrency and stock market. In 2006, he graduated from Stanford University with honors and began his career in business.
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