Donald Trump's son Eric denies rumors of a Solana memecoin: RTR collapses
- The memecoin “Restore the Republic” (RTR), launched on the Solana blockchain, reached a market capitalization of $155 million before losing 95% of its value in a matter of hours, after a denial by Donald Trump’s son.
- Rumors of a connection between Donald Trump and the RTR token were sparked by a tweet from Eric Trump and reinforced by conservative activist Ryan Fournier, before being denied, causing the token to crash.
- Insiders made significant profits, earning $4 million in just six hours by selling the token before it crashed.
A new memecoin, called Restore the Republic (RTR), launched on the blockchain Solanaexperienced a meteoric rise before crashing abruptly. The token, which quickly reached a market capitalization of $155 millionhas lost 95% of its value in just a few hours after Donald Trump's son, Eric Trumphas denied any official link between his father and this cryptocurrency.
Hopes and Rumors Triggered by Eric Trump
Interest in this token was sparked by a Eric Trump tweet earlier this week. In it, he expressed his enthusiasm for cryptocurrencies and decentralized finance (DeFi), while promising a “big announcement” to come. This statement was enough to set the markets ablaze with speculation, and when Restore the Republic began trading, the token quickly rose in value.
Ryan Fourniera conservative activist and president of Students for Trump, reinforced the rumors by saying that “Trump's official token” had been launched under the name Restore the Republic. Its post has since been deletedbut it contributed to the initial frenzy that surrounded this new asset.
Eric Trump's Denial and the Token Collapse
However, the bubble was quick to burst. On Thursday, Eric Trump clarified the situation, warning against the “fraudulent tokens” and specifying that no official Trump project had yet been announcedThis statement immediately caused panic in the market, leading to a steep drop in the price of RTR, which lost 95% of its value in a matter of hours.
Quick profits and shady maneuvers
Blockchain data reveals that early investorsor maybe some initiatedhave made significant profits in record time thanks to this rise and fall of the token. According to Lookonchaina group of five crypto wallets purchased 105 million RTR for $882,000 in SOLbefore reselling 95 million tokens for a total of $5 million in SOLthus pocketing a net profit of $4 million in just six hours.
This is not the first time that a token associated with Donald Trump has made headlines. Recently, another token, DJTalso experienced a dramatic fall after Martin Shkrelia controversial figure, claimed to have created it with Barron Trumpthe former president's youngest son.
There are currently over 100 memecoins associated with Trump or the slogan “Make America Great Again.”
The article Donald Trump’s son Eric denies rumors of a Solana memecoin: RTR collapses appeared first on Coin Academy