- The memecoin RTR, themed around Donald Trump, plummeted by 95% following a statement from Eric Trump.
- The revelation that the Trump family had no affiliation with the project significantly impacted the token’s value.
- Prior to the announcement, the price surged due to claims by Students for Trump president, which were later debunked.
Donald Trump-themed memecoin loses 95% value after Eric Trump clarifies connection.
Eric Trump’s Denial Causes Major Price Drop
The price of the Donald Trump-themed cryptocurrency, Restore the Republic (RTR), faced a drastic fall after it was disclosed that the Trump family had no involvement with the project. The token had reached a peak of $0.1490 following a now-deleted post by Ryan Fournier, president of Students for Trump, suggesting that RTR was an official Trump token. However, once Eric Trump denied this claim, the token experienced a sharp decline.
Market Reaction and Public Sentiment
According to DexScreener data, RTR was trading at $0.0091 at the time of writing. Before Eric Trump’s clarification, there was significant anxiety within the crypto space about whether Trump’s son would actually initiate a memecoin. A cryptic post on X (formerly Twitter) hinted at involvement in something related to decentralized finance (DeFi), fueling further speculation and concern among investors.
Community’s Response to the Debunked Claims
Prominent crypto figures voiced their apprehension about the potential of a Trump-backed memecoin. Kaiko, a well-known cryptocurrency investor, advised against the launch of such a token, noting the possible negative implications on the electoral prospects of Donald Trump Sr. Investor Ben Werkman described it as a major blunder, while crypto commentator SlumDOGE cautioned against launching the token, predicting adverse outcomes.
Moving Forward: New DeFi Platform Initiatives
In a separate development, Donald Trump Jr. announced the upcoming launch of a new decentralized finance (DeFi) platform aimed at addressing inequalities in banking access. While specific details about the platform were sparse, Trump Jr. indicated that the initiative would “capture a significant part of the banking world,” though he acknowledged that it might take a considerable amount of time to come to fruition.
Conclusion
The significant price drop in the Trump-themed memecoin RTR serves as a stark reminder of the volatility and susceptibility to public statements within the cryptocurrency market. Investors are advised to conduct thorough research and exercise caution, as the financial landscape continues to evolve with new developments and announcements.
