Another Trump-inspired Meme Coin Pumped and Dumped – Here is What Happened
Trump-Themed Token Plummets 90%
A meme coin inspired by former US President Donald Trump entered the market on Thursday. The ‘Restore the Republic’ token reached a market cap of $105 million within two hours of its launch but has since dropped to $5.9 million, per data from DexScreener.
The current market cap represents a 90% fall. But is the Restore the Republic or RTR token associated with the actual Donald Trump family? No! The digital coin was created by an anonymous developer following cryptic X posts from the former president’s sons, Donald Trump Jr. and Eric Trump.
Earlier this week, the two teased a crypto project, touting it as “huge” for the blockchain community. On Thursday, rumors started circulating that the RTR token was Trump’s sons’ project. Among the people who spread the rumors was “Students for Trump” chairman Ryan Fournier.
Donald Trump’s Sons Call Launched Tokens Fake
Trump’s sons have since distanced themselves from the RTR project, calling it fake. In an X post, Eric told his followers that he and his brother would reveal the official project soon, urging them to avoid developers claiming to be part of it.
Besides RTR, The DJT token is another Trump-themed meme coin that saw its market cap collapse significantly after Eric labeled them as fake. DJT developer dumped their holding worth $2 million, causing the token’s market cap to drop from $56 million to $2 million as of this writing.
Trump Speaks at the Bitcoin Conference
A few days ago, Trump spoke at the Bitcoin conference in Nashville, promising to create a Bitcoin reserve if elected in November 2024. Moreover, he said he would fire Gary Gensler, the Securities and Exchange Commission chair, once he assumed office. Gensler has been an unpopular figure within the crypto community due to his tough stance on blockchain players, with many blaming him for slowing down crypto innovations in the United States.
Despite Trump’s promises, some crypto enthusiasts are suspicious of whether his involvement with the sector is genuine or just seeking donations and votes.
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