The memecoin Restore the Republic (RTR) experienced a sudden surge and subsequent decline following the false assertion that it was associated with former President Donald Trump.
On Thursday, a memecoin experienced a rapid rise and fall in value as a result of a wrong statement on the social media platform X that the token was associated with former President Donald Trump.
A day after Donald Trump Jr. and Eric Trump, Trump’s sons, appeared on X to commend crypto and hint at an imminent DeFi announcement, an apparent “pump and dump” scheme was exposed.
In a video that was initially posted to X and subsequently purged, then reposted by another user, a well-known crypto voice known as @SizeChad advised individuals that they would have a “low T” if they did not purchase the Restore the Republic (RTR) token. Ryan Fournier, a chair member of Students for Trump, allegedly also advertised the token as being associated with the current Republican nominee for president at one point before subsequently erasing the tweet.
Eric Trump responded to Fournier’s remark on X by claiming that it is “completely untrue.” Eric and Donald Jr. both advised individuals to avoid purchasing counterfeit tokens.
“I absolutely admire the extent to which the crypto community is supporting Trump.” Donald Jr. posted on Thursday afternoon, “It’s truly incredible, but beware of fake tokens declaring to be part of the Trump initiative.” We will directly declare the sole legitimate initiative, which will be appropriate for all parties.”
According to GeckoTerminal data, the RTR token experienced a rapid rise from $0.0005 to $0.1460 within a matter of hours. It was subsequently sold in a similar manner and is currently valued at approximately $0.0076 at the time of writing. It is still a 1,200% increase since the introduction, with a trading volume of approximately $130 million.
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