RTR Coin Rumored to Belong to Donald Trump, Is That True?

Bittime - A new cryptocurrency launched on the Solana (SOL) network is called Restore the Republic (RTR) has become a hot topic among the crypto community. 

Rumors circulating say that RTR is the official token of Donald Trump, the controversial former President of the United States. 

This rumor was further strengthened after Eric Trump, son of Donald Trump, expressed his love for crypto and DeFi, which sparked speculation that his family would soon launch an official crypto project.

Not long after launch, RTR soared to a market cap of $155 million. 

However, in just a few hours, the price of this coin fell 95% after Eric Trump warned the public about "fake tokens" and stated that his family's official project had not been announced.

Read also: Soon, DOGS Listing will be announced August 14 2024

Rumor Background

Speculation regarding Donald Trump's involvement in the crypto world began when Ryan Fournier, chairman of Students for Trump, shared a post on X (formerly Twitter), claiming that RTR was Trump's official coin. 

Although the post was later deleted, rumors had already spread and caused a drastic price increase for RTR coins.

However, things changed drastically when Eric Trump clarified that there was no official project launched by his family. This statement caused panic in the market and RTR prices immediately fell.

Role of Kanpai Labs and Potential Manipulation

The involvement of Kanpai Labs, the entity behind the Kanpai Pandas NFT, was also discussed. They allegedly promoted the RTR coin before its launch. 

However, developer Kanpai Labs later deleted their statement on social media after claiming that the Trump family chose RTR's launch date and then abandoned the project.

Blockchain data shows that some early investors or insiders managed to reap profits of $4 million within six hours of RTR's price rise and fall. 

An investigation by Lookonchain revealed that five crypto wallets purchased 105 million RTR for $882,000 worth of SOL, then sold 95 million tokens for $5 million in SOL.

The Memecoin Phenomenon and Trump's Involvement

This RTR story emphasizes how wild and unpredictable the memecoin market is. With many grifts and pull pulls occurring, investors should be careful before investing in tokens that are based on rumors and speculation. 

This phenomenon also shows the great influence of Donald Trump among crypto fans. Recent analysis from LunarCrush reveals that there are currently 162 crypto tokens associated with Trump or MAGA slogans, up from 111 two weeks earlier.

Conclusion

The story of the rise and fall of the RTR coin reminds us how important it is to be careful when investing in the crypto market, especially amidst rampant speculation and unverified rumors. 

While rumors about Donald Trump's involvement in crypto projects may attract attention, investors should always confirm the veracity of the information before making financial decisions.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.