From last night to this morning, the meme market staged an "on-chain battle royale" with a transaction volume of over $100 million.
At around 9 o'clock last night, RTR, which was rumored by the community to be "Trump's official meme coin," opened on Solana. Its market value exceeded 10 million US dollars within 15 minutes, and then increased 12 times in three hours, with a maximum market value of 155 million US dollars.
Immediately afterwards, RTR experienced perhaps the fastest market value evaporation in the recent meme market, with a 95% drop from $150 million to $8 million in just two hours. In the 15 minutes after 1:50 a.m., RTR's market value decreased by nearly $70 million.
The story of RTR began with Ryan Fournier, the chairman of the Trump fan organization "TrumpStudents", who has now deleted all promotional tweets about the token. According to screenshots circulating in the community, Ryan Fournier released the contract address of the token $RTR "Restore the Republic" last night and said that "there are rumors that the official Trump token has been released... called "Restore the Republic"."
Now, there has actually been a precedent of the "Trump official token" DJT that was exposed before, and the source of RTR being called "Trump official token" is even more single than DJT. This scam was originally easy to identify. After Ryan Fournier posted the tweet, many people immediately expressed doubts.
For example, AltOnChain tweeted at around 10pm last night, “After extensive on-chain research, I can 100% confirm that $RTR has 100% nothing to do with the Trump family. It’s just another random Trump concept coin. Don’t be fooled by those idiotic KOLs who hype it up as the official Trump token. They’ll wait for you to take over.”
The tweet didn’t hold back avid meme fans, and RTR doubled in the next two hours.
In the meme market where "hotness is the password", players assume that all news memes will return to zero, but this does not prevent them from getting high returns during the rise. Two days ago, Trump's second son Eric Trump and Trump's eldest son Donald Trump Jr. both expressed their strong interest in DeFi on Twitter, asking the community to wait for their "major announcement." Therefore, despite the lack of more sources to testify, a large number of people are willing to pay for RTR's hype expectations.
RTR began to fall when its market value reached $150 million, and fell by nearly 50% in one hour. The final blow to RTR, which caused its market value to evaporate by $70 million in 15 minutes, was the response of the “real owner”.
Eric Trump tweeted at 1:56 a.m., "Friends: Beware of Counterfeit Money! The only official Trump program has yet to be announced! You will hear about it from me first."
Four minutes later, Donald Trump Jr. also tweeted, “I love the crypto community’s support for Trump. It’s absolutely incredible, but be careful of fake tokens claiming to be part of the Trump project. The only official projects will be announced directly by us, which is fair to everyone. Don’t be fooled - stay tuned for the real deal.”
Three minutes after Donald Trump Jr.’s tweet, RTR’s market value dropped to around $8M, a 90% drop in fifteen minutes.
It took less than 6 hours from the launch of RTR to the market value exceeding 150 million, and then to the anti-counterfeiting "return to zero". During these six hours, RTR's trading volume exceeded 100 million US dollars, and many traders suffered huge losses.
Almost no one survived
Cases like RTR that attracted huge liquidity in a short period of time and then collapsed quickly are rare in the current meme market. Generally speaking, most meme coins that have skyrocketed and plummeted have small market capitalizations and can accommodate limited liquidity. Therefore, even if traders "take over at a high price", their losses will not be too great.
But on RTR, its circulating market value once reached 150 million US dollars, and there were many large traders who invested hundreds of thousands of dollars. The impact of the RTR collapse was also much more "tragic."
A wallet address starting with GkGv was monitored to have spent $910,000 to buy RTR at its high point, and sold all its holdings at $18,000 four hours later, losing $890,000.
KOL Iced said that he lost 7 million US dollars on RTR, which was all his savings, and now he only has 30 SOL left.
Community user DANNYCRYPT posted photos of his injured hand and a smashed computer screen, with the caption "I used my life savings to buy $RTR. Now I know, I will never use cryptocurrency again. I will never deposit even $1,000 on Phantom." This damn scam.
Many meme KOLs with relatively high winning rates also suffered losses on RTR. The losses of major meme holders were in the tens of thousands of dollars. Among them, the address starting with j9p1 lost $920,000 on RTR.
Has anyone made money on RTR?
Some traders will sell their holdings by adding unilateral liquidity pools, so the transaction data of different tools are different. In the profit ranking of traders shown by gmgn, the trader with the highest profit on RTR only earned $9,177.15, with a yield of only 14.89%. These profits were generated by his bargain hunting after RTR returned to zero.
On NFT Sniper, a trader labeled GP5Ymu earned a 106% return on RTR and earned $16,000. He sold all his tokens at the high point, which makes him a relatively lucky trader.
There are many traders whose fortunes were about to become rich but then were shattered. A wallet address starting with DDtK once had a profit of 1.55 million US dollars on RTR, but it turned into a loss of 80,000 US dollars a few hours later.
Around 8 am today, RTR briefly rose by more than 270%, with its market value rising from $7.7 million to around $36.5 million, but soon returned to the bottom, with a current market value of $7.47 million. Now, RTR is no longer on the meme hot list, will there be another "Trump official coin"? Millions in floating profit, left at a loss! Painful lesson!