This week, a latest PolitFi token made the headlines amid the crypto market recovery. Restore The Republic (RTR) caught the eye of investors after rumors of being linked to the Trump family surged. The Trump-themed token saw a large surge after its launch. Nevertheless, its price quickly plunged after the previous US president’s camp denied any links with it.
Related Reading
Trump-Themed Token Turns Out Fake
On Thursday night, a PolitiFi token was surrounded by controversy after it plummeted by over 95% just hours after launching. Restore The Republic was described as a token to “be certain that our nation stays a beacon of freedom, justice, and opportunity.”
The memecoin created a buzz amongst investors because it was suspected to be the Trump Family’s highly anticipated crypto project announcement. In consequence, RTR’s price surged over 14,500% following its launch, going from trading at $0.001 to as high as $0.15.
The token also hit a market capitalization of $155 million three hours after launching. Nevertheless, the rapid surge was quickly met with a large drop after Eric Trump claimed the project wasn’t related to the previous US president.
RTR drops over 95% hours after launching. Source: DEXScreener
In an X post, Eric warned crypto investors of faux tokens, stating that “the one official Trump project has NOT been announced.” He also emphasized that the news would come directly from their camp first.
Immediately after, RTR’s market cap nosedived, going from $125 million to $13 million. The token went from trading across the $0.12 mark to $0.007 in lower than an hour, leaving many investors with massive losses.
On-chain data evaluation firm Lookonchain revealed that a crypto whale lost over $800,000 after FOMO-buying the token. Per the report, the investor spent 5,800 SOL, value $916,400, to purchase 7.2 million RTR at its highest price.
Resulting from the value crash, the whale sold the RTR tokens for less than 118 SOL, value around $18,000, leading to a lack of $898,500 in 4 hours.
Crypto Scam Déjà Vu
Online reports revealed that insiders revamped $4 million from the memecoin. The newly created wallets bought hundreds of thousands of RTR because it opened trading. The insiders sold the token right after Trump’s camp denied ties to the memecoin.
After the value crash, the crypto community discussed the token’s shady launch and promotion. Students for Trump group’s co-founder and chairman, Ryan Fournier, suggested in a now-deleted post that RTR was the official Trump token.
Furthermore, several KOLs (Key opinion leaders) promoted RTR to their followers, claiming it was the highly anticipated Trump project. After the collapse, a few of these influencers affirm to have lost large sums of cash.
One KOL also claims to own “legal documentation” that proves Donald Trump Jr.’s involvement with the launch. The crypto community quickly compared this incident to the last “official” token linked to the Republican presidential candidate.
Nearly two months ago, DJT made the headlines after being rumored to have been launched by 18-year-old Barron Trump. On the time, other Trump-inspired tokens crashed by over 30%, including the MAGA (TRUMP). Nevertheless, it was later revealed that the token was created and run by “Pharma bro” Martin Shkreli.
Related Reading
Following the RTR debacle, Donald Trump Jr. spoke about cryptocurrencies inspired by his father. He stated that he has “nothing to speak about” regarding these tokens. He also deemed people assuming that each one Trump-themed tokens are linked to the family as the issue.
The businessman clarified that he loves and respects memecoin culture, but they are usually not the crypto project they’ve been teasing.
TRUMP’s performance within the three-day chart. Source: TRUMPUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com