Another day, another rug tug. The Restore The Republic (RTR) token, rumored to be Trump’s official cryptocurrency, has left speculative investors gasping after developers sabotaged the project.
Eric Trump Debunks Restoration of Republic Tokens
Donald Trump's second son, Eric Trump, was quick to debunk any connection between the Trump family and the viral coin known as "Restore the Republic." The coin crashed during a pull on August 9.
Another day, another rug tug. The Restore The Republic (RTR) token, Trump’s official cryptocurrency, is leaving speculative investors gasping after developers allegedly sabotaged the project.
The Rise and Collapse of RTR Token
The token was launched on August 8, and the mainstream consensus is that NFT project Kanpai Labs uses it as a Trump meme currency. RTR's market capitalization climbed to $150 million in less than 12 hours thanks to a massive social media promotion (called a "shilling" in Web3).
Within minutes, however, the price of the Solana (SOL) blockchain dropped significantly, falling below $10 million. Eric Trump's X post denying his father's involvement coincides with RTR plummeting.
He made it clear on social media: "This is absolutely false." This statement undoubtedly poured cold water on investors of RTR tokens and revealed the true face of the project.
The intersection of U.S. politics and cryptocurrencies
As the intersection between U.S. politics and cryptocurrencies emerges, a number of Trump-related meme coins have kicked off the cycle. Most of these coins crashed, like countless other meme coins this year.
As Crypto News reports, Trump is also expected to share a “major announcement,” which could be a real-world asset project. Donald Trump Jr. urged cryptocurrency investors to be wary of scammers amid this debacle and reminded the public that only the Trump family will reveal the true nature of Donald Trump’s cryptocurrency play.
He said on social media: "I love the support of Trump from the cryptocurrency community. It is absolutely incredible, but be careful of fake coins claiming to be part of Trump's plan. The only official plan will be by We announce it directly, which is fair to everyone.
Investors' warning
This RTR token incident once again reminds investors that they need to remain highly vigilant when investing in cryptocurrencies. While the cryptocurrency market is filled with opportunities, it also comes with significant risks. Especially those projects without clear background and official support need to be treated with caution.
Investors should always conduct adequate research to understand the project's background, development team, and market dynamics. Don’t blindly follow trends, especially “hot” items you see on social media. As this RTR token incident shows, many so-called “official” projects may just be scams designed to attract investors who don’t know the truth.
in conclusion
Overall, Eric Trump’s debunking of the Republic Token restoration is a wake-up call. In this cryptocurrency market full of opportunities and challenges, investors must keep a clear mind and be careful of various scams. Only through adequate research and prudent investment strategies can we remain invincible in this market.
It is hoped that this incident will make more investors aware of the risks and take necessary measures to protect their assets. In the future, the cryptocurrency market will continue to develop, but we must learn to survive and thrive in this uncertain environment.