Trump-themed token drops RTR 95% after boy denies connection to token
Donald Trump's themed cryptocurrency Restoring the Republic (RTR) has fallen 95% from its highs after it was revealed that it has nothing to do with the Trump family.
RTR's price initially rocketed to $0.1490 after students pointed to Trump chairman Ryan Fournier as the new official Trump token, but the token soon retreated after Eric Trump's staunch denial.
According to data on Dex Screener, at the time of publication, RTR is trading at $0.0091.
Before Trump denied it, many in the crypto space wondered if Trump's son was starting memecoin. He published a cryptic post on X that suggested he was working on something related to DeFi.
“If you think your father has a chance of winning this election, for the love of all things good, please don't put it down,” said popular crypto trader Kaiko.
“This is a big mistake,” commented crypto trader Ben Workman.
“Please don't launch a token, nothing good will come of this,” added crypto analyst SlumDOGE Millionaire.
Since then, Trump Jr. has announced that he is launching a new decentralized financial platform in an attempt to address inequality in access to banking.
All he shared about the upcoming Diffie platform was that it would “capture a lot of the banking world” and that it might take a long time “before we do anything.”
Trump memecoins past volatility
This is not the first time that the Trump-themed memecoin has seen its price drop significantly in a matter of hours.
In the year Amid the broader crypto slump on August 5th, known as “Crypto Black Monday,” TrumpCoin (DJT) dropped from $0.00555 to $0.000229 per token, marking a 95% drop in the token’s value.
Related: Memecoins have an important role to play in crypto.
Meanwhile, the great Donald Trump's memecoin, MAGA (TRUMP), is up more than 30% following the assassination attempt on the former US president on July 13 while speaking on stage at a rally in Butler, Pennsylvania.
The Ethereum-based MAGA memecoin rose from $6.31 to $10.36 immediately after the assassination attempt, which saw its market capitalization jump from $293 million to $469 million in 45 minutes.
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This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
