RTR token's value soared to $155 million before plummeting by 95% due to a lack of official endorsement from Donald Trump.
Early investors made $4 million profit within six hours during the RTR token's surge.
Donald Trump Jr. plans to launch a DeFi platform, emphasizing a focus on long-term initiatives, not memecoins.
The Restore the Republic (RTR) token, which was rumored to be associated with former President Donald Trump, experienced a dramatic rise and subsequent fall. The token's value soared to $155 million market capitalization and then it plummeted by 95%. This happened after Eric Trump clarified that token had no official connection to his father
RTR's Meteoric Rise and Subsequent Fall
The price of RTR initially jumped to $0.1490 following a now-deleted post by Ryan Fournier, chair of Students for Trump in which he suggested it was an official Trump token. This post, combined with a cryptic tweet from Eric Trump about his interest in crypto and DeFi fueled the speculation.
https://twitter.com/wiseadvicesumit/status/1821613338885025963
Eric Trump issued a public statement warning users about the fake tokens. He clarified that the only official Trump project had not been announced yet. This announcement caused the token's value to fall and resulted in a 95% drop from its peak price.
Insider Profits and Market Volatility
Early investors made significant profits during the token's brief surge. Five crypto wallets purchased 105 million RTR tokens with $882000 worth of Solana SOL. They sold 95 million tokens for $5 million in SOL. This trade netted a profit of $4 million within six hours.
Future Developments
In the wake of the RTR decline, Donald Trump Jr. announced plans to launch a new decentralized finance (DeFi) platform aimed at addressing inequality in banking services. He emphasized that this project would be a long-term initiative and not a memecoin.
The rise and fall of RTR token serves as a potent reminder of the volatile nature of the cryptocurrency market. It also underscores the major influence of endorsements or the lack thereof on cryptocurrency valuations. As the market continues to evolve, the need for due diligence and regulatory oversight becomes increasingly important.
The post The Rise and Fall of Restore the Republic (RTR) Cryptocurrency appeared first on Crypto News Land.