Memecoin RTR Precipitously Rose and Fell on Thursday After People Falsely Claimed on X That the Token Was Connected to Donald Trump-web3.0-php.cn

Memecoin RTR Precipitously Rose and Fell on Thursday After People Falsely Claimed on X That the Token Was Connected to Donald Trump

王林

Aug 09, 2024 am 09:43 AM

MemecoinTrump pump and dump

The apparent "pump and dump" scheme came a day after Trump's sons, Donald Trump Jr. and Eric Trump, took to X to praise crypto while teasing an upcoming DeFi announcement.

Memecoin RTR Precipitously Rose and Fell on Thursday After People Falsely Claimed on X That the Token Was Connected to Donald Trump

A memecoin experienced a rapid surge and decline on Thursday after people seemed to falsely claim on social media platform X that the token was linked to former President Donald Trump.

The apparent "pump and dump" scheme occurred a day after Trump's sons, Donald Trump Jr. and Eric Trump, joined X to praise crypto while hinting at an upcoming DeFi announcement.

In one video posted to X, which was later deleted and then reposted by another user, a popular crypto voice known as @SizeChad told viewers that if they didn't buy the Restore the Republic (RTR) token, they had "low T." At one point, Ryan Fournier, a chair member of Students for Trump, also appeared to promote the token as being linked to the current Republican presidential nominee before later deleting the tweet.

Eric Trump took to X to denounce Fournier's tweet, posting, "This is completely false," in his tweet. Both Eric and Donald Jr. warned people about fake tokens.

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"I love how the crypto community is embracing Trump. It’s absolutely incredible, but beware of fake tokens claiming to be part of the Trump project," Donald Jr. posted Thursday afternoon. "The only official project will be announced directly by us and will be fair for everyone. Don't be fooled—stay tuned for the real deal."

According to data from GeckoTerminal, the RTR token surged from the $0.0005 level to as high as $0.1460 in a matter of hours. It was then dumped nearly as quickly and sits around $0.0076 at the time of writing. That still marks a 1,200% rise since launch with around $130 million in trading volume.

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