A Trump-Themed Token Soars, Then Dives 95% After His Son Dashes Hope the Former President Backed It
The debacle underscores the wild world of memecoin markets, where grifts and rug pulls abound. A newly launched cryptocurrency on Solana (SOL) called Restore the Republic, or RTR, which was rumored to be the official token of Donald Trump, ballooned to $155 million market value before cratering 95% on Thursday after the former president's son warned that his father doesn't yet have an official token.
Hopes for Donald Trump's crypto aspirations were kindled earlier this week when Eric Trump, his son, tweeted that he has "fallen in love with Crypto / DeFi. Stay tuned for a big announcement." Then on Thursday, Restore the Republic began trading, soaring to a $155 million market capitalization just hours after launch. Ryan Fournier, conservative activist and chair of Students for Trump, amplified the hearsay, saying that "rumor has it that the official trump coin is out...called Restore the Republic." That post on X has since been deleted. Subsequently, Eric Trump popped the bubble and chaos ensued. He warned users of "fake tokens" and said that the "only official Trump project has not been announced." The post sent RTR spiraling. It fell 95% from its peak price.
