- Two of Donald Trump’s sons have started supporting cryptocurrencies.
- Trump’s sons are distancing themselves from the new symbolic topic.
- But will their own project start soon?
Over the past few weeks, Donald Trump has been at the forefront of industry conversations as he embraces the moniker “Crypto President.” While his campaign promised to reform U.S. regulatory standards in exchange for industry support, two of his sons have joined in, showing their own crypto passions and hinting at major projects.
Their involvement created a buzz, and as Trump-themed tokens proliferated, the family issued a disclaimer.
Trump’s Son Denies RTR Tokens
Restore the Public (RTR), a recently launched Donald Trump-themed token, has hit a new all-time high, with its price up 2,111.2% on speculation that it is an official project of the presidential candidate.
But things soon fell apart when two of Trump’s sons rebelled and refused to acknowledge their ties to Token.
“Beware of fake tokens claiming to be part of the Trump project.Donald Trump Jr. wrote a separate message with support from his brother Eric. “Friends: Beware of Fake Tokens! The only official Trump project has not been announced!”
Following this disclaimer, the RTR token plummeted 97% from its all-time high of $0.2173 to a current trading price of $0.0073, wiping out $155 million in market value in just two hours.
Although the token wasn’t official, Trump’s sons didn’t miss any hints about the upcoming project.
Trump’s Son Teases Cryptocurrency Project
Based on the teaser on August 7th“Big announcement” It’s coming soon, and Eric and Donald Trump Jr. have repeatedly stated in their disclaimers that their projects are in the works.
Trump Jr. described the project as “real,” and elaborated on it in a recent Q&A session. When asked whether he would drop a coin, he said no, adding that the project would focus on banking reform.
“What we are talking about is sort of a larger type of platform,” he stated. “What we want to do is sort of take on a lot of the banking world.”
He stressed that the platform would address inequalities in the existing banking system, but added that it could take time to bear fruit.
On the other side
- Democratic presidential candidate Kamala Harris is stepping up her cryptocurrency-focused efforts to challenge Donald Trump.
- One RTR investor lost 5,687 Solana (about $898,500 worth) was lost after the token crashed.
- Most of the 2024 Mimecoins associated with politicians and celebrities exhibited the following characteristics: A huge decline In terms of value.
Why this matters
Despite the Trump family’s clarification that RTR is not an official project, the token’s rapid surge and subsequent crash highlights the volatility of cryptocurrency projects associated with influential and political figures. This highlights the need for these individuals to have a thorough and accurate understanding of the cryptocurrency industry before embarking on any venture, whether it be a token or a platform.
Learn more about other Donald Trump-themed memecoins and their vulnerability to political trends:
Trump-Themed MAGA Coin Surges 40% After Assassination Attempt
Read this article to learn how Bitcoin and Ethereum ETFs are performing.
Bitcoin and ETH ETF Trading Plummets as Confidence Shakes