Donald Trump Jr.s Upcoming Crypto Move Causes This Memecoin Crash
- Donald Trump Jr. confirms memecoin RTR as the pseudo-official token of Trump.
- Speculations around the announcement of the crypto platform, hinted at by Trumps son, soar.
- Trump Jr. endorses the goal of DeFi banking the unbanked.
Dismissing all scam rumors, Donald Trump Jr. clearly asserts the new crypto entrant, Restore the Republic (RTR), is not a memecoin linked to Trump or his family. After the revelation, the value of RTR crashed 95% from the first post-launch peak.
The ongoing US Presidential race and Donald Trumps pro-crypto stance have spurred the virality of PolitFi (Political Finance) memecoins in the crypto market. Especially, Trump-based memecoins received maximum support from crypto traders and investors. Notably, a new memecoin Restore the Republic (RTR) launched on Solana on Thursday.
Following the tokens launch two days after Trump Jr.s DeFi announcement hint, rumors spread that it could be the Trump familys memecoin, while scam allegations against RTR also emerged.
Don Jr. Discusses Today's RTR Debacle on Locals Q&A pic.twitter.com/cd7pVBJAjx
db (@tier10k) August 8, 2024
Furthermore, two of Trumps sons Donald Trump Jr., and Eric Trump have expressed their love for Crypto/DeFi lately. According to Trump Jr.s statement, he vouches for introducing a long-term crypto project. He also warned the community saying, beware of fake tokens claiming to be part of the Trump project.
Analyzing the Crash of Trump-Based Memecoin RTR
Four hours after the launch, RTR hit its first high at $0.1562. After the denial of RTR not being the official memecoin of Trump, RTR nosedived 95% to a low of $0.00672. On-chain analysis platform Lookonchain reported 5 insider wallets pulling up profits of over $4 million within 6 hours of this meme coins launch.
On the other hand, the platform also pointed out the loss of a meme whale that traded a huge sum of RTR tokens. As per data, when the token was priced high at $0.1562, the trader purchased 7.2 million RTR, nearly 1.12 million USD, using 5,687 SOL. Post the price plunge, the trader recorded a loss of over $898,500 worth of SOL.
At the time of writing, RTR traded at $0.005350 on Solana-native DeFi trading platform Meteora. As per data, the token stood with a market cap of $5.3 million and held a liquidity of $4.3 million locked on the platform.
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Read more: https://thenewscrypto.com/donald-trump-jr-upcoming-crypto-move-causes-this-memecoin-crash/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
