Rumored to be Donald Trump’s Official Crypto, RTR Price Soars

Todaysgist.com, Jakarta – A newly launched cryptocurrency on Solana (SOL) called Restore the Republic, or RTR, which is rumored to be the official token of Donald Trump, has ballooned to a market cap of $155 million.

But the market price plunged 95 percent on Thursday (8/8/2024) after the son of the former US President warned that his father did not yet have an official token.

Donald Trump’s crypto hopes emerged earlier this week, when his son Eric Trump dropped a hint via his X account. “Falling in love with Crypto/DeFi. Expect big announcement,” he wrote, as quoted from CoinDesk, Sunday (11/8/2024).

Following the statement, Restore the Republic, which began trading on August 8, 2024, soared to a market capitalization of USD 155 million just hours after the launch.

The market rally was boosted by conservative activist and Students for Trump leader Ryan Fournier tweeting that the official Donald Trump coin was out. However, the post on X has since been deleted.

Eric Trump then spoke out and created chaos. Because, he warned about fake tokens. “The only official Trump project has not been announced,” he said.

As a result, the post caused the price of RTR to plummet 95 percent from its peak.

Blockchain data shows that early investors made a profit of $4 million in 6 hours from the token’s rise and fall. Five crypto wallets bought 105 million RTR with SOL worth $882,000, then sold 95 million tokens for $5 million in SOL.

Scams and frauds are rampant in the burgeoning memecoin market. Recently, another Trump-themed token, DJT, came under the spotlight after it was claimed to have been co-created with Donald Trump’s son, Barron Trump.

DJT plunged 90 percent last week as large token holders appeared to sell en masse. The episode also highlighted Donald Trump’s influence among crypto enthusiasts.

Analytics firm LunarCrush says there are now 162 Trump or MAGA (a shortened version of Trump’s famous campaign slogan, Make America Great Again) crypto tokens in circulation, up from 111 tokens two weeks ago.