Ciaran Lyons2 hours agoTrump-themed token RTR dumps 95% after son denies link to tokenThe Donald Trump-themed memecoin “RTR” plunged 95% after Eric Trump warned they have nothing to do with it.951 Total viewsListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onA Donald Trump-themed cryptocurrency called Restore the Republic (RTR) fell a whopping 95% from its peak after it was revealed it has no connection with the Trump family.
The price of RTR initially rocketed to $0.1490 after a now-deleted post from Students for Trump chair Ryan Fournier suggested it was a new official Trump token, but a firm denial from Eric Trump sent the token tumbling back soon after.RTR briefly tapped an all-time high of $0.1490 before plummeting. Source: Dex Screener
At the time of publication, RTR is trading at $0.0091, according to data on Dex Screener.
Before Trump’s denial, many in the crypto space wondered whether Trump’s son was launching a memecoin. He had published a cryptic post on X suggesting he was working on something related to DeFi.Source: Donald Trump Jr.
“If you care about your dad’s chances to win this election, please for the love of all that is good don’t launch a token,” popular crypto trader Kaiko stated.
“This is a massive mistake,” crypto trader Ben Werkman commented.
“Please don’t launch a token, nothing good will come of this,” crypto commentator SlumDOGE millionaire added.
Since then, Trump Jr. has revealed he is launching a new decentralized finance platform in an attempt to address inequality in banking access.
He has shared little else about the upcoming DeFi platform, only that it would “take on a lot of the banking world” and that it will likely be a long time “before we can do anything.”Trump memecoins’ past volatility
It is not the first time that a Trump-themed memecoin has had its price plummet sharply in only a matter of hours.
Amid the wider crypto downturn on Aug. 5, referred to as “Crypto Black Monday,” TrumpCoin (DJT) fell from $0.00555 per token to $0.000229, representing a 95% drop in the token’s price.
Related:Memecoins have an important role to play in crypto
Meanwhile, on July 13, the price of the largest Donald Trump memecoin, MAGA (TRUMP), surged more than 30% following an assassination attempt on the former US president while he was speaking on stage at a rally in Butler, Pennsylvania.
The Ethereum-based MAGA memecoin surged from $6.31 to $10.36 right after the assassination attempt, causing its market capitalization to leap from $293 million to $469 million in under 45 minutes.
Magazine:AI bubble not over yet despite entering ‘trough of disillusionment’: AI Eye
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Cryptocurrencies# Altcoin# Markets# United States# Donald Trump# Social Media# MemecoinAdd reaction