Rumored Trump coin Restore The Republic (RTR) instantly fell by 99% after former president Donald Trump’s camp refuted having ties with the token.
The Solana-based token was launched early Thursday. The market cap soared to more than $154 million on Dexscreener after Ryan Fournier, Chair of TrumpStudents, promoted it, saying in a now-deleted tweet that he got words that RestoretheRep is the official trump coin.
RTR market cap plunges to $8M
RTR’s price reached an all-time high of $0.1562, printing a 6173.09% gain from the opening price. However, the price immediately came crashing after Eric Trump, Executive Vice President of The Trump Organization, refuted the rumor that Trump was behind the token.
Eric said that rumors were “absolutely false,” and RTR instantly dropped from over $100 million market cap to $8.3 million within an hour.
Following RTR’s price crash, Fournier made a tweet saying he was informed that Donald Trump Jr. would back the token, and he personally invested in the token amid the conviction.
“I was told by sources that Don Jr. would be backing this token. That is why I said rumor-Im not a big crypto guy and I was not in any way involved in this project,” Fournier said. “I bought $350 of it this morning just because I believed what these guys were saying, as they are connected.”
Earlier this week, Trump’s camp had announced plans for an upcoming crypto/DeFi project. Eric confirmed that the official Trump crypto project had not yet been launched.
RTR follows the same pattern as DJT
Interestingly, RTR is apparently exhibiting a similar pattern as TrumpCoin (DJT), another fake Donald Trump coin, which plunged 98% earlier this week.
DJT soared in June following rumors that it was an official token from Donald Trump, which the source citing some “conversations.” Later, Martin Shkreli (also known as Pharma Bro) came out to claim the token, saying it was co-created with Barron Trump.
TrumpCoin liquidity was rugged on Tuesday, nuking the token’s price. Shkreli claimed Barron rugged the token, as he doesn’t have the keys to the token contract anymore.
