Restore the Republic (RTR), a Donald Trump-themed cryptocurrency, has fallen a whopping 95% from its all-time high after it was revealed that it has no ties to the Trump family.
The RTR price initially soared to $0.1490 after a now-deleted post by Students for Trump president Ryan Fournier suggested that this was the new official Trump token, but the token soon plummeted after Eric Trump vehemently denied this.
According to data from Dex Screener, RTR is trading at $0.0091 at the time of publication.
Before Trump’s denial, many in the crypto industry had wondered if Trump’s son had launched a memecoin. He had posted a cryptic post on X suggesting he was working on something DeFi-related.
“If you are worried about your dad winning this election, then for the love of all that is good, please don’t launch a token,” said popular crypto trader Kaiko.
“This is a huge mistake,” said crypto trader Ben Workman.
Cryptocurrency commentator SlumDOGE millionaire added, “Don’t launch a token, it won’t work out well.”
Since then, Trump Jr. has announced the launch of a new decentralized finance platform aimed at addressing inequalities in access to banking.
He shared little else about the upcoming DeFi platform, except to say that it will “take a huge chunk of the banking industry” and that it will likely be a long time “before we can do anything.”
Trump Memecoin Past Volatility
This isn’t the first time a Trump-themed meme coin has seen its price plummet in just a few hours.
On August 5th, amidst the widespread cryptocurrency bear market dubbed “Crypto Black Monday,” TrumpCoin (DJT) fell from $0.00555 per token to $0.000229, a 95% drop in token price.
relevant: Memecoin plays an important role in cryptocurrencies.
Meanwhile, on July 13, the price of MAGA (TRUMP), the largest Donald Trump meme coin, soared more than 30% following an assassination attempt on the former US President while he was speaking at a rally in Butler, Pennsylvania.
The Ethereum-based MAGA memecoin surged from $6.31 to $10.36 immediately following the assassination attempt, with its market cap jumping from $293 million to $469 million in less than 45 minutes.
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