Lately-launched Solana (SOL)-based memecoin Restore the Republic (RTR) soared on rumors of hyperlinks with former U.S. President Donald J. Trump, solely to then crash over 82% when it was revealed the forty fifth President of the USA had nothing to do with it.
Based on a latest Coindesk report, Restore the Republic noticed its market cap attain $155 million earlier than the sudden crash. The crash adopted a tweet by the Republican presidential candidate’s son, Eric Trump, clarifying that his father has no official token. He wrote in an Aug. 8 tweet:
“Pals: Beware of pretend tokens! The one official Trump mission has NOT been introduced! You’ll hear it right here first.”
CoinGecko knowledge exhibits that Restore the Republic noticed a 24-hour excessive of $0.029 and a 24-hour low of $0.005152. This interprets to a lack of over 82%.
The beginning of the rumors
The rumors first began spreading when on Aug. 6, Eric Trump shared his newfound love for cryptocurrency and decentralized finance (DeFi). He additionally went so far as to tease an upcoming related announcement:
“I’ve actually fallen in love with Crypto / DeFi. Keep tuned for a giant announcement.”
Restore the Republic started buying and selling on Thursday, shortly reaching a market cap of $155 million inside hours.
Conservative activist and chair of College students for Trump Ryan Fournier wrote in a now-deleted Twitter publish:
“Listening to phrase that [Restore the Republic] is the official trump coin. Shoot to 100 million market cap in an hour. wow.”
This was shortly adopted by Eric Trump clarifying that the token has no hyperlinks to Donald Trump within the aforementioned tweet on the following day. The market was fast to react, and the worth of the token fell nicely over 80% from its peak value.
Fournier jumped again on Twitter to elucidate himself in a new thread on Aug. 8. He defined that he was advised by non-descript sources that Donald Trump Junior “can be backing this token.” He added:
“That’s the reason I stated rumor-I’m not a giant crypto man and I used to be not in any method concerned on this mission.”
The conservative activist wrote that he invested $350 within the token himself and misplaced all of it however $30. He additional claimed that he “was by no means given something both” and expressed anger directed in direction of those that “apparently backed out final minute and brought about this.”
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