RTR Cryptocurrency Speculated to Be Donald Trump's Official Token Plummets 95% After Eric Trump Denies Involvement

The sharp decline occurred after Donald Trump's son, Eric Trump, clarified that his father does not yet have an official cryptocurrency

A new cryptocurrency on the Solana (SOL) blockchain, named Restore the Republic (RTR), was at the center of a massive pump and dump scheme this week, leading to wild speculation about an official Donald Trump cryptocurrency.

However, the excitement was quickly quashed by Eric Trump, who clarified that his father does not yet have an official cryptocurrency.

Despite this, the RTR token surged to a peak market capitalization of $155 million on Thursday morning, just hours after it began trading. The rapid ascent was fueled by rumors that the token was linked to the former president.

These rumors gained traction earlier in the week when Eric Trump tweeted about his interest in cryptocurrency and decentralized finance (DeFi), hinting at a major upcoming announcement.

On Thursday, RTR began trading and quickly surged to a $155 million market capitalization within hours of its launch.

However, the excitement was short-lived. Eric intervened, warning the public about “fake tokens” and confirming that “the only official Trump project has not been announced.” This statement caused RTR's value to nosedive by 95% from its peak.

“I was told by sources that Don Jr. would be backing this token,” Fournier later explained in a post on X (formerly Twitter). “That is why I said rumor. I’m not a big crypto guy and I was not in any way involved in this project.”

Adding to the controversy, Kanpai Labs, known for its Kanpai Pandas non-fungible tokens (NFTs), was reportedly involved in promoting RTR before its launch. The pseudonymous creator of Kanpai, known as Bags, claimed that the Trump family had chosen the launch date but then “hard rugged us,” a post that was also deleted shortly after.

On-chain analysis by Lookonchain revealed that early investors or insiders made a quick profit of $4 million within six hours of the token’s launch and subsequent collapse. Five crypto wallets purchased 105 million RTR tokens using $882,000 worth of SOL and then sold 95 million tokens for $5 million in SOL.

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