Key Takeaways:
- Eric Trump Disavowal: The cryptocurrency Restore the Republic (RTR) dropped 95% after Eric Trump denied any Trump family connection.
- Initial Surge: RTR initially surged to $0.1490 after a misleading endorsement from Ryan Fournier.
- Trump-Themed Volatility: The incident underscores the volatility of Trump-themed cryptocurrencies, mirroring previous market crashes.
The cryptocurrency Restore the Republic (RTR), themed around Donald Trump, experienced a massive 95% decline in value after Eric Trump publicly disavowed any connection between the Trump family and the token.
Initially, RTR’s value surged to $0.1490 after a misleading endorsement from Ryan Fournier, head of Students for Trump, suggested it was an official Trump token.
This is absolutely false https://t.co/qmv2AKeUYD
— Eric Trump (@EricTrump) August 8, 2024
However, Eric Trump’s denial led to a sharp drop, with the token now trading at $0.0091.
Speculation around a Trump family involvement in memecoins was further fueled by a cryptic post from Donald Trump Jr., who later clarified that he is working on a DeFi platform focused on addressing banking inequalities.
We’re about to shake up the crypto worldwith something HUGE.
— Donald Trump Jr. (@DonaldJTrumpJr) August 7, 2024
Decentralized finance is the future—don’t get left behind. #Crypto #DeFi #BeDeFiant
The incident highlights the volatility of Trump-themed cryptocurrencies, following similar price crashes in previous Trump-related tokens.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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