In the mercurial world of cryptocurrency, a rumor can propel a token to dizzying heights just as easily as it can send it crashing back to earth. This week, a Trump-themed cryptocurrency called “Restore the Republic” hit both extremes: surging to $155 million in market value before plummeting 95 percent in just a few hours. The dramatic reversal came after Eric Trump, son of former U.S. President Donald Trump, publicly disavowed any connection between his father and the token.
Speculation about RTR began earlier this week when Eric Trump took to Twitter to wax poetic about cryptocurrency and decentralized finance, hinting that something huge was in the works. Naturally, rumors quickly swirled. In the crypto community, many assumed the Trump family was priming markets for an official token. Conservative activist Ryan Fournier fueled this assumption through social media, strongly suggesting that RTR could be the official Trump coin.
As the hype gained momentum, RTR rapidly gained ground in the market before hitting a peak valuation of $155 million. However, the optimism was short-lived. Eric Trump soon returned to social media to warn that an official Trump project had not been announced, and any token claiming to be linked to his father was a fraud.
The announcement immediately sent RTR’s value into a nosedive. Its price plunged 95%, leaving many investors deep in the red. The situation was worsened by revelations that early investors had cashed out millions of dollars in profits before the crash, raising suspicions of possible insider trading.
This incident highlights the risky nature of the cryptocurrency market, particularly with meme coins, which are often driven more by hype and speculation than by solid fundamentals. It also underscores how public figures, such as the Trump family, can influence market sentiment even when their involvement is unintentional.
As the dust settles, this debacle serves as a cautionary tale for crypto investors: be wary and do not let speculative mania cloud your judgment. For now, the Trump-themed token has joined the growing list of failed cryptocurrencies.
