RTR Cryptocurrency Initially Soared to $155M Valuation Amid Rumors It Was Donald Trump's Official Token, Then Plummeted 95% After His Son Clarified That His Father Does Not Yet Have an Official Token

Excitement over Donald Trump's potential involvement in cryptocurrency surged earlier in the week when his son, Eric Trump, tweeted about his newfound interest in Crypto and DeFi, hinting at a major announcement.

A new cryptocurrency on the Solana (SOL) network, called Restore the Republic (RTR), briefly soared to a massive $155 million market valuation on Thursday amid rumors that it was Donald Trump’s official token. However, the token’s value plummeted by 95% after Trump’s son clarified that his father does not yet have an official token.

The excitement over Donald Trump’s potential involvement in cryptocurrency began earlier this week when his son, Eric Trump, tweeted about his newfound interest in crypto and decentralized finance (DeFi), hinting at a major announcement. This sparked speculation, and when the RTR token began trading on Thursday, the market capitalization quickly skyrocketed to $155 million.

Adding fuel to the rumors, conservative activist and chair of Students for Trump, Ryan Fournier, posted on social media that the “official Trump coin” was called Restore the Republic. However, that post has since been deleted.

The situation took a turn when Eric Trump intervened, warning about “fake tokens” and confirming that no official Trump project had been announced. This caused RTR’s value to collapse, dropping 95% from its peak.

Friends: Beware of fake tokens! The only official Trump project has NOT been announced! You will hear it here first.

Fournier later clarified on social media that he had heard from sources that Don Jr. might support the token, which was why he mentioned it as a rumor. He added that he was not deeply involved in cryptocurrency and had no part in the project.

no one from the trump family is involved in crypto tokens. i was told by don jr ppl that they might support this token which is why i mentioned it as a rumor. i am not deeply involved in crypto and had no part in this project.

no one from the trump family is involved in crypto tokens. i was told by don jr ppl that they might support this token which is why i mentioned it as a rumor. i am not deeply involved in crypto and had no part in this project.

Some observers also noted that the team behind the Kanpai Pandas NFTs, Kanpai Labs, had promoted the token ahead of its launch. The pseudonymous creator of Kanpai, known as Bags, claimed that the Trump family had selected the launch date and then “hard rugged” them, but this statement was also deleted shortly after.

According to onchain analyst Lookonchain, early investors, likely insiders, managed to profit by $4 million within six hours of RTR’s rapid rise and fall. Five crypto wallets bought 105 million RTR tokens using $882,000 worth of SOL and then sold 95 million tokens for $5 million in SOL.

This incident highlights the risky and largely unregulated nature of the emerging meme coin market, where scams and sudden collapses are a common occurrence. It follows a similar situation with another Trump-themed token, DJT, which lost 90% of its value last week after a large holder sold off a significant amount of tokens.

The episode also showcases Donald Trump’s influence among crypto enthusiasts, as a growing number of Trump-related tokens have emerged, increasing from 111 to 162 in just two weeks, according to analytics firm LunarCrush.

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