A Donald Trump-themed cryptocurrency called Restore the Republic (RTR) fell a whopping 95% from its peak after it was revealed it has no connection with the Trump family.
The price of RTR initially rocketed to $0.1490 after a now-deleted post from Students for Trump chair Ryan Fournier suggested RTR was a new official Trump token, but a firm denial from Eric Trump sent the token tumbling back soon after.
At the time of publication, RTR is trading at $0.0091, according to data on DexScreener.
Before Trump’s denial, many in the crypto space were dreading whether Trump’s son was launching a memecoin. He had published a cryptic post on X suggesting he was working on something related to DeFi.
“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,” popular crypto trader Kaiko stated.
“This is a massive mistake,” crypto trader Ben Werkman commented.
“Please don’t launch a token, nothing good will come of this,” crypto commentator SlumDOGE millionaire added.
Since then, Donald Trump Jr. has revealed he is launching a new decentralized finance platform in an attempt to address inequality in banking access.
He has shared little else about the upcoming DeFi platform, only that it would “take on a lot of the banking world” and that it will likely be a long time “before we can do anything.”
Trump memecoins' past volatility
It is not the first time that a Trump-related memecoin has had its price plummet sharply in only a matter of hours.
Amid the wider crypto downturn on Aug. 5, referred to as “Crypto Black Monday,” TrumpCoin (DJT) fell from $0.00555 per token to $0.000229, representing a 95% drop in the token’s price.
Related: Memecoins have an important role to play in crypto
Meanwhile, on July 13, the price of the largest Donald Trump memecoin, MAGA (TRUMP), surged more than 30% following an assassination attempt on the former US president while he was speaking on stage at a rally in Butler, Pennsylvania.
The Ethereum-based MAGA memecoin surged from $6.31 to $10.36 right after the assassination attempt, causing its market capitalization to leap from $293 million to $469 million in under 45 minutes.
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