A recently launched cryptocurrency Called Restore the Republic” has seen its price plunge by a whopping 95% after the son of U.S. Presidential candidate Donald Trump, Eric Trump, denied the token was associated with the family.
The denial came in response to a now-deleted post on the microblogging platform X (formerly known as Twitter) from the account of Students for Trump chair Ryan Fournier, who suggested it was officially associated with the presidential candidate.
The denial saw the price of the token, which had initially skyrocketed to a high above the $0.15 mark, plunge to now trade at $0.007 with next to no trading volume as traders lost interest.
Source: DEXScreener
Notably, the developers behind the cryptocurrency seem to have managed to make over $5 million in just six hours from the cryptocurrency, before the denial was issued and the value of RTR plunged.
That’s according to data shared by on-chain analytics firm Lookonchain, which found that five wallets spent around 5,580 SOL tokens worth roughly $880,000 to buy 104.64 million RTR tokens when the cryptocurrency first started trading, before selling 92.77 million tokens for 31,994 SOL worth around 5$ million.
In total, these wallets made over $4 million in profit through the trade. Notably, these were newly created wallets, with funds withdrawn from Coinbase and Bybit deposited on them, which means they were “obviously insiders” according to the service.
5 Insider Wallets Earned Over $4M on $RTR in Just 6 Hours!$RTR is a new #MEMEcoin created 6 hours ago.5 wallets spent ~5,580 $SOL($882K) to buy 104.64M $RTR the first time $RTR opened trading, and sold 92.77M $RTR for 31,994 $SOL($5.05M), making 26,414 $SOL($4.17M).These 5… pic.twitter.com/oAEZFeYE39
— Lookonchain (@lookonchain) August 8, 2024
This is notably not the first Trump-inspired cryptocurrency to have been launched and that saw its price plunged. Earlier, a cryptocurrency called TrumpCoin (DJT) also saw a 95% drop during the recent cryptocurrency market crash.
According to Cointelegraph, an Ethereum-based token MAGA saw an exponential surge, however, after the failed assassination attempt on the former U.S. President that temporarily saw his chances of being elected skyrocket.
Featured image via Pexels.