Memecoin ‘Restore the Republic’ (RTR), launched on the Solana blockchain, reached a market capitalization of $155 million before losing 95% of its value in a few hours following a denial from Donald Trump’s son.
A new memecoin called Restore the Republic (RTR) was launched on the Solana blockchain and experienced a meteoric rise before a sudden collapse. The token quickly reached a market capitalization of $155 million but lost 95% of its value within a few hours after Donald Trump’s son, Eric Trump, denied any official connection between his father and this cryptocurrency.
Espoirs et rumeurs déclenchés par Eric Trump
Interest in this token was sparked by a tweet from Eric Trump earlier in the week, expressing his enthusiasm for cryptocurrencies and decentralized finance (DeFi) while promising a ‘big announcement’ to come. This statement was enough to fuel speculation in the markets, and when Restore the Republic started trading, the token quickly skyrocketed in value.
Ryan Fournier, a conservative activist and president of Students for Trump, further fueled the rumors by claiming that the ‘official Trump token’ had been launched under the name Restore the Republic. Although his post has since been deleted, it added to the initial frenzy surrounding this new asset.
Le démenti d’Eric Trump et l’effondrement du token
However, the bubble quickly burst. On Thursday, Eric Trump clarified the situation, warning against ‘fraudulent tokens’ and stating that no official Trump project had been announced yet. This statement immediately caused panic in the market, leading to a steep drop in the price of RTR, which lost 95% of its value within a few hours.
Profits rapides et manœuvres douteuses
Blockchain data reveals that early investors, or perhaps insiders, made significant profits in record time due to this token’s rise and fall. According to Lookonchain, a group of five crypto wallets bought 105 million RTR for $882,000 worth of SOL, and then sold 95 million tokens for a total of $5 million worth of SOL, resulting in a net profit of $4 million in just six hours.
This is not the first time a token associated with Donald Trump has made headlines. Recently, another token called DJT also experienced a dramatic fall after controversial figure Martin Shkreli claimed to have created it with Barron Trump, the former president’s youngest son.
There are currently over 100 memecoins associated with Trump or the ‘Make America Great Again’ slogan.
