A cryptocurrency themed around Donald Trump, Restore the Republic (RTR), fell by 95% after it was revealed to have no connection with the Trump family. RTR’s price initially rose to $0.1490 following a now-deleted post by Students for Trump president Ryan Fournier, who claimed it was a new official Trump token. However, a definitive denial by Eric Trump caused the token to drop shortly afterward.
This Memecoin Dropped by 95%
DexScreener data showed that at the time of writing, RTR was trading at $0.0091. Before Trump’s denial, many in the crypto space feared that Trump’s son might release a memecoin, especially after he posted a cryptic message on X hinting at working on something related to DeFi. Many analysts warned Trump’s son about this matter.
Since then, Donald Trump Jr. announced a new decentralized finance platform aimed at addressing inequality in banking access. He shared little about the upcoming DeFi platform, only stating that it would take over much of the banking world and that it would take a long time to achieve this.
Trump and the Crypto Market
Trump-related memecoin projects have experienced sharp price drops within hours before. On August 5, during a broader crypto decline dubbed Black Monday, TrumpCoin (DJT) fell from $0.00555 to $0.000229 per token, marking a 95% drop in price.
Meanwhile, on July 13, the price of the largest Donald Trump memecoin project, MAGA (TRUMP), surged by over 30% after an assassination attempt on the former U.S. president during a rally in Butler, Pennsylvania.
The MAGA memecoin project, available in the Ethereum ecosystem, rose from $6.31 to $10.36 immediately after the assassination attempt, causing its market cap to soar from $293 million to $469 million in less than 45 minutes.
