As a seasoned researcher with years of experience navigating the volatile and unpredictable world of cryptocurrencies, I have seen my fair share of wild rides – but none quite like the rollercoaster that was Restore the Republic (RTR). Having closely followed the crypto scene for some time now, I must admit I was initially intrigued by the rumors surrounding Donald Trump’s alleged entry into the crypto sphere.
As a researcher delving into the dynamic world of cryptocurrencies, I recently came across an intriguing development regarding a new digital currency on Solana (SOL) named Restore the Republic, or RTR. Initially, there were whispers that this coin could potentially be linked to Donald Trump. In a swift rise, its market value soared to an impressive $155 million. However, my observations changed dramatically when, on Thursday, I noticed a plunge of 95% in the value of RTR. This drastic drop occurred shortly after Donald Trump Jr., the former president’s son, clarified that his father has yet to endorse an official token.
Anticipation for Donald Trump’s involvement in cryptocurrencies increased this week as Eric Trump, his son, expressed his newfound interest in Crypto and DeFi on Twitter, hinting at an upcoming announcement. On Thursday, the company Restore the Republic made its debut, rapidly rising to a market capitalization of $155 million within hours.
Ryan Fournier, a conservative activist and head of Students for Trump, spread unconfirmed news, expressing that there are whispers about the release of an official Trump coin named “Restore the Republic”. This information, initially posted on platform X, has now been removed.
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Afterward, Eric Trump burst the bubble, causing a frenzy to follow. He cautioned people about false tokens and stated that no official Trump project had yet been revealed. This announcement led RTR’s price to plummet by 95%.
On Thursday, Fournier shared on X that he had heard from various sources that Donald Trump Jr. might support this digital token. Given my limited knowledge of cryptocurrency and lack of involvement in the associated project, I used the term ‘rumor’ to express this unconfirmed information.
In simpler terms, the anonymous inventor of Kanpai (referred to as Bags) stated that the Trump family chose the launch date and subsequently made things difficult for them. This post was quickly removed afterwards.
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The incident serves as a reminder of the unregulated, free-for-all atmosphere in the rapidly expanding meme coin market, where scams and exit scams are prevalent. In recent news, the DJT token, which is linked to former President Donald Trump, has gained attention due to claims by Martin Shkreli that he and Donald Trump Jr. were its creators. Last week, the value of DJT plummeted by 90% as it seemed a significant investor was offloading the tokens in large quantities.
As a long-time observer of the cryptocurrency world, I have noticed a fascinating trend emerging: the growing influence of Donald Trump among crypto enthusiasts. Having closely followed political campaigns and social movements, it is not surprising to see this phenomenon taking shape within the digital asset space as well.
UPDATE (Aug. 8, 2024, 21:28 UTC): Adds blockchain data on early investors’ profits.
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2024-08-08 23:34