This week, a new coin from PolitFi made headlines amid the cryptocurrency market’s recovery. Restore The Republic (RTR) token caught the attention of investors after rumors spread about its connection to the Trump family. The Trump-themed coin saw a massive surge after its launch. However, its price quickly dropped after the former US president’s camp denied any connection to it.
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Trump Coin Turns into Counterfeit
On Thursday night, controversy surrounded PolitiFi’s token after it dropped more than 95% just hours after its launch. The Restore The Republic token was described as a token to “ensure our nation remains a beacon of freedom, justice, and opportunity.”
Memecoin has been causing a stir among investors as it was suspected to be the Trump family’s long-awaited cryptocurrency project announcement. As a result, RTR’s price surged by more than 14,500% after its launch, going from trading at $0.001 to $0.15.
The coin’s market cap also reached $155 million three hours after its launch. However, the rapid rise was soon met with a massive drop after Eric Trump claimed that the project had nothing to do with the former US president.
In a post on X, Eric warned crypto investors about fake tokens, noting that “Trump’s only official project has not been announced.” He also said, Confirmed That the news will come directly from their camp first.
Immediately after, the market cap of RTR dropped sharply, falling from $125 million to $13 million. The coin’s value fell from trading at $0.12 to $0.007 in less than an hour, causing many investors to suffer huge losses.
On-chain data analytics company Lookonchain open A crypto whale has lost over $800,000 after buying the token for fear of missing out. According to the report, the investor spent 5,800 Sols, worth $916,400, to buy 7.2 million RTR at the highest price.
Due to the price collapse, the whale sold RTR tokens for just 118 Sol, equivalent to about $18,000, resulting in a loss of $898,500 in four hours.
Deja Vu Crypto Scam
Online reports have revealed that insiders made over $4 million worth of memecoin. Newly created wallets bought millions of RTR when trading opened. Insiders sold the coin immediately after the Trump camp denied any connection to memecoin.
Following the price crash, the crypto community debated the token’s suspicious launch and promotion. Trump Student Group co-founder and president Ryan Fournier suggested in a now-deleted post that RTR was the official Trump token.
Furthermore, several major opinion leaders promoted RTR to their followers, claiming it was Trump’s highly anticipated project. After the crash, some of these influencers confirmed that they lost significant amounts of money.
One major influencer also claims, He owns “Legal documents” prove Donald Trump Jr.’s involvement in the launch. The crypto community was quick to compare the incident to the recent “official” token associated with the Republican presidential candidate.
About two months ago, DJT made headlines after it was rumored to be launched by 18-year-old Barron Trump. At the time, other Trump-inspired tokens crashed by over 30%, including MAGA (TRUMP). However, it was later revealed that the token was created and managed by “pharma bro” Martin Shkreli.
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In the wake of the RTR debacle, Donald Trump Jr. spoke out about cryptocurrencies inspired by his father. He stated that he has “nothing to talk about” regarding these tokens. He also considered that people who assume that all Trump-themed tokens are related to the family are the problem.
Businessman It has been clarified. He loves and respects the memecoin culture, but it’s not the crypto project they were harassing.
Featured image from Unsplash.com, chart from TradingView.com
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