Family

Token

Restore

The cryptocurrency world was recently rocked by a dramatic collapse involving the "Restore the Republic" token (RTR). The token, initially marketed as a potential official digital asset tied to former President Donald Trump, plummeted by 95% following revelations that it had no connection to the Trump family.
<h2 dir="ltr" id="span-span-initial-surge-and-sudden-decline-span-span">Initial Surge and Sudden Decline</h2>
RTR’s price skyrocketed to $0.1490 shortly after its launch, fueled by speculation and a now-deleted post from Ryan Fournier, chair of Students for Trump. Fournier's post suggested that RTR was an official Trump token, which initially sparked significant interest in the crypto community. However, the excitement was short-lived.
&nbsp;
The token's meteoric rise quickly hit a wall when Eric Trump, the former president’s son, issued a&nbsp;<a style="text-decoration:none" href="https://x.com/EricTrump/status/1821606887806406671">firm denial</a>.&nbsp;
<div>
 <blockquote class="twitter-tweet">
 This is absolutely false <a href="https://t.co/qmv2AKeUYD">https://t.co/qmv2AKeUYD</a>— Eric Trump (@EricTrump) <a href="https://twitter.com/EricTrump/status/1821606887806406671?ref_src=twsrc%5Etfw">August 8, 2024</a>
 </blockquote> 
</div>
He clarified that the Trump family had no involvement with the RTR token and warned the public about “fake tokens.” This denial led to a swift and dramatic collapse in RTR’s value, which now stands at $0.0081 according to&nbsp;<a style="text-decoration:none" href="https://dexscreener.com/solana/bamgxrark2xrw7wmv6lmj3742d29j2sz8mpwx3ztephd">Dex Screener data</a>.
<h2 dir="ltr" id="span-span-speculative-beginnings-and-market-reaction-span-span">Speculative Beginnings and Market Reaction</h2>
The token’s launch had been preceded by a&nbsp;<a style="text-decoration:none" href="https://x.com/DonaldJTrumpJr/status/1821164331020517596">cryptic tweet</a> from Eric Trump expressing his enthusiasm for cryptocurrency and decentralized finance (DeFi). This tweet, combined with Fournier’s misleading information, created a speculative frenzy.&nbsp;
&nbsp;
RTR’s market capitalization soared to $155 million within hours of its debut, only to crumble when the connection to Trump was debunked.
&nbsp;
The situation was further complicated by the&nbsp;<a style="text-decoration:none" href="https://x.com/0xArch/status/1821547029933265006">alleged involvement</a> of Kanpai Labs, the company behind the Kanpai Pandas NFTs. Reports surfaced that Kanpai Labs had been actively promoting RTR through advertisements prior to its launch.&nbsp;
&nbsp;
According to&nbsp;<a style="text-decoration:none" href="https://velodata.app/news">Velodata</a> News, Google records indicate that Kanpai Labs funded and pushed these advertisements, suggesting that the company played a significant role in hyping up the token.
&nbsp;
Bags, a pseudonymous figure&nbsp;<a style="text-decoration:none" href="https://x.com/bagzybagz1321/status/1821622816833442268">associated</a> with Kanpai Labs, claimed that the launch date for RTR was chosen by the Trump family and described the fallout as a “hard rug pull.” This claim, like many in the crypto space, was later deleted, adding to the confusion and drama surrounding the token’s collapse.
<h2 dir="ltr" id="span-span-the-broader-context-of-celebrity-tokens-span-span">The Broader Context of Celebrity Tokens</h2>
The RTR debacle is part of a larger trend in the cryptocurrency world where celebrity-themed tokens often face skepticism regarding their legitimacy.&nbsp;
&nbsp;
Another recent example is the&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/the-controversy-around-djt-token">DJT token</a>, which also suffered a severe downturn following claims of a connection to Donald Trump’s son Barron and Martin Shkreli. DJT experienced a 90% drop a few weeks ago after a major token holder sold off a significant portion of their holdings.

Restore the Republic Token $RTR Crashes 95% After Trump Family Denial

Table of Contents

BSCN

Other articles published on Aug 9, 2024

TRON Founder Buys 14,884 ETH As NOTI Is Backed By Bulls Despite Market Turmoil

Bloomberg Analyst: Bitcoin ETF Options May Be Launched in Q4

Cryptocurrency Sui Rises More Than 16% In 24 hours

Another Top US Bank, Wells Fargo, Set to Introduce Bitcoin ETFs for Clients

What is Ore on Solana?

Cryptocurrency Plummets After Trump’s Denial

Join our free newsletter for daily crypto updates!