Trump-Themed Token Soars, Then Dives 95% After His Son Dashes Hope the Former President Backed It
- 王林Original
- 2024-08-09 09:49:11949browse
The debacle underscores the wild world of memecoin markets, where grifts and rug pulls abound.
A new cryptocurrency linked to Donald Trump soared to a market value of $155 million on Thursday, but the gains were quickly wiped out after the former president's son said his father does not yet have an official token.
The token, called Restore the Republic (RTR), was launched on Solana (SOL) on Thursday morning and began trading at a price of $0.005. However, within hours of launch, RTR surged to a peak price of $0.22, fueled by rumors that it was the official token of Donald Trump.
The rumors began earlier this week when Eric Trump, the former president's son, tweeted that he has "fallen in love with Crypto / DeFi. Stay tuned for a big announcement."
On Thursday, hopes of a Trump-backed token were further stoked when Ryan Fournier, the conservative activist and chair of Students for Trump, said that "rumor has it that the official trump coin is out... called Restore the Republic."
However, later on Thursday, Eric Trump poured cold water on the rumors, warning users of "fake tokens" and saying that the "only official Trump project has not been announced."
"Don't get scammed by fake tokens," Eric Trump wrote on Telegram. "The only official Trump project will be announced by me and my father. anything else is a grift."
The post from Eric Trump caused the price of RTR to spiral. Within minutes, the token fell from its peak price of $0.22 to a price of $0.008. The token continued to fall throughout the day, reaching a low price of $0.002 by Thursday evening.
According to blockchain data, early investors in RTR made a total of $4 million in profits on the token's rise and fall. Five crypto wallets bought 105 million of RTR with $882,000 worth of SOL, then sold 95 million tokens for $5 million in SOL.
The incident marks the latest in a string of controversies surrounding Trump-themed cryptocurrencies. Last week, another token called DJT tanked 90% as a large token holder appeared to sell en masse.
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