A Donald-Trump-themed memecoin Restore the Republic (RTR) crashed by 95% due to negative news that it has no links with Donald Trump. RTR’s price had rallied to $0.1490 following a now-deleted post from the Students for Trump association chairman Ryan Fournier.
Fournier claimed that the RTR was the new official Trump token. However, Donald Trump’s son, Eric Trump, denied any affiliations between the Trump family and RTR.
RTR in the Red as Eric Trump Denies Affiliations with the Token
On August 6, Eric Trump shared a post on X stating, ” I have truly fallen in love with Crypto/DeFi. Stay tuned for a big Announcement…”
I have truly fallen in love with Crypto / DeFi. Stay tuned for a big announcement…@Trump @realDonaldTrump @DonaldJTrumpJr
— Eric Trump (@EricTrump) August 6, 2024
In another post on August 7, he wrote, “Friends: Beware of fake tokens, and the only official Trump project has not been announced! You will hear it here first.”
The next day, August 8, Students for Trump Association chairman Ryan Fournier made a post on X (now deleted) claiming that RTR is linked to Trump, causing the coin price to soar.
Friends: Beware of fake tokens! The only official Trump project has NOT been announced! You will hear it here first. https://t.co/33wfKyaMVB
— Eric Trump (@EricTrump) August 8, 2024
However, Eric shared another X post the same day stating that the coin is not linked to Trump. Eric Trump’s denial caused RTR to lose almost all its initial gains as holders dumped the tokens.
RTR’s price is $0.0073, and it has massively declined in the past 24 hours. After his post, crypto trader Kaleo advised Eric not to launch a token, opining that such an attempt could affect Donald Trump’s chances of winning the US elections.
Eric – if you care about your dad’s chances to win this election, please for the love of all that is good don’t launch a token.
— K A L E O (@CryptoKaleo) August 8, 2024
Another X user, SlumDOGE Millionaire, also shared a similar view with Kaleo, urging Eric not to launch a token as nothing good will come out of it.
Please don’t launch a token, nothing good will come of this.
— SlumDOGE Millionaire (@ProTheDoge) August 8, 2024
Donald Trump Junior Reacts to Memecoin Launch Rumors
Donald Trump Junior earlier hinted at the release of something huge in the crypto world, praising decentralized finance as the future.
We’re about to shake up the crypto worldwith something HUGE.
Decentralized finance is the future—don’t get left behind. #Crypto #DeFi #BeDeFiant— Donald Trump Jr. (@DonaldJTrumpJr) August 7, 2024
However, in an interview on August 9, Donald Trump Jr confirmed that he is not launching a memecoin. He stated that the plan is to launch a larger crypto platform to compete against the traditional banking system.
🚨 BREAKING: Donald Trump Jr confirms that he is NOT launching a memecoin but a crypto platform that won’t be ready for awhile.
THE TICKER IS $TRUMP. pic.twitter.com/xLUF5ChA1T
— Steven Steele (@MrStevenSteele) August 9, 2024
Trump Jr hopes to challenge inequality in the banking system by claiming that only certain people get access to financing.
Therefore, he will eventually unveil plans for a decentralized finance crypto platform. Nevertheless, he urged the online community to avoid fake tokens claiming to be part of the Trump project.
Further, Donald Trump Jr. revealed that the official project will be announced through the proper channels. He promised that the project would be fair to all participants.
I love how much the crypto community is embracing Trump. It’s absolutely incredible, but beware of fake tokens claiming to be part of the Trump project. The only official project will be announced directly by us, and it will be fair for everyone. Don’t be fooled—stay tuned for…
— Donald Trump Jr. (@DonaldJTrumpJr) August 8, 2024
In response to his post, Trader Carver on X noted that it is quite impressive that Donald Trump Jr. was on a crypto journey.
It’s great that your on your “crypto” journey @DonaldJTrumpJr, but 100% of all crypto tokens with the exception of Bitcoin are fiat scams as not one of them is finite nor decentralized as Bitcoin is. Pls study the history of money, then study fiat money and then study bitcoin!
— Carver (@tommycarver) August 8, 2024
However, Carver believes 100% of all crypto tokens except Bitcoin are fiat scams since they are not finite or decentralized. He urged Donald Trump Jr. to study the history of money, fiat money, and Bitcoin to better understand the situation.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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