Trump-themed token RTR dumps 95% after son denies link to token

A Donald Trump-themed cryptocurrency called Restore the Republic (RTR) fell a whopping 95% from its peak after it was revealed it has no connection with the Trump family. 

The price of RTR initially rocketed to $0.1490 after a now-deleted post from Students for Trump chair Ryan Fournier suggested RTR was a new official Trump token, but a firm denial from Eric Trump sent the token tumbling back soon after.

RTR briefly tapped an all-time high of $0.1490 before plummeting. Source: Dex Screene

At the time of publication, RTR is trading at $0.0091, according to data on DexScreener.

Before Trump’s denial, many in the crypto space were dreading whether Trump’s son was launching a memecoin. He had published a cryptic post on X suggesting he was working on something related to DeFi.

Source: Donald Trump Jr.

“If you care about your dad’s chances to win this election, please for the love of all that is good don’t launch a token,” popular crypto trader Kaiko stated .

“This is a massive mistake,” crypto trader Ben Werkman commented .

“Please don’t launch a token, nothing good will come of this,” crypto commentator SlumDOGE millionaire added .

Since then, Donald Trump Jr. has revealed he is launching a new decentralized finance platform in an attempt to address inequality in banking access.

He has shared little else about the upcoming DeFi platform, only that it would “take on a lot of the banking world” and that it will likely be a long time “before we can do anything.”

Trump memecoins' past volatility

It is not the first time that a Trump-related memecoin has had its price plummet sharply in only a matter of hours.

Amid the wider crypto downturn on Aug. 5, referred to as “Crypto Black Monday,” TrumpCoin (DJT) fell from $0.00555 per token to $0.000229, representing a 95% drop in the token’s price.

Related: Memecoins have an important role to play in crypto

Meanwhile, on July 13, the price of the largest Donald Trump memecoin, MAGA (TRUMP), surged more than 30% following an assassination attempt on the former US president while he was speaking on stage at a rally in Butler, Pennsylvania.

The Ethereum-based MAGA memecoin surged from $6.31 to $10.36 right after the assassination attempt, causing its market capitalization to leap from $293 million to $469 million in under 45 minutes.

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