Donald Trump

Donald Trump Jr.

MAGA (magamemecoin.com)

MAGA

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.&nbsp;
The price of RTR initially rocketed to $0.1490 after a now-deleted post from Students for Trump chair Ryan Fournier suggested it was a new official Trump token, but a firm <a href="https://x.com/EricTrump/status/1821606887806406671" target="_blank" rel="noopener nofollow">denial</a> from Eric Trump sent the token tumbling back soon after.
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/7de3ad78-e6fb-493f-8aee-286013e31bfc.png" alt="Trump-themed token RTR dumps 95% after son denies link to token" title="">
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 RTR briefly tapped an all-time high of $0.1490 before plummeting. Source: Dex Screener
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At the time of publication, RTR is trading at $0.0091, <a href="https://dexscreener.com/solana/bamgxrark2xrw7wmv6lmj3742d29j2sz8mpwx3ztephd" target="_blank" rel="noopener nofollow">according</a> to data on Dex Screener.
Before Trump’s denial, many in the crypto space wondered 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. 
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/28fb656b-5866-4c5a-ac1c-f603ae8ab6db.png" alt="Trump-themed token RTR dumps 95% after son denies link to token" title="">
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 Source: <a href="https://x.com/DonaldJTrumpJr/status/1821164331020517596" target="_blank" rel="noopener nofollow">Donald Trump Jr.</a>
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“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 <a href="https://x.com/CryptoKaleo/status/1821618985508729151" target="_blank" rel="noopener nofollow">stated</a>.
“This is a massive mistake,” crypto trader Ben Werkman <a href="https://x.com/BenWerkman/status/1821611140914540678" target="_blank" rel="noopener nofollow">commented</a>.
“Please don’t launch a token, nothing good will come of this,” crypto commentator SlumDOGE millionaire <a href="https://x.com/ProTheDoge/status/1821685765350551744" target="_blank" rel="noopener nofollow">added</a>.
Since then, Trump Jr. has&nbsp;<a href="https://cointelegraph.com/news/donald-trump-jr-launching-crypto-platform-take-on-banks">revealed he is launching</a> 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.”
<h3 data-ct-non-breakable="true" id="trump-memecoins-past-volatility">Trump memecoins’ past volatility</h3>
It is not the first time that a Trump-themed 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: <a href="https://cointelegraph.com/news/meme-coins-play-important-role-in-crypto">Memecoins have an important role to play in crypto</a>
Meanwhile, on July 13, the price of the largest Donald Trump memecoin, MAGA (TRUMP), surged more than 30% following an assassination <a href="https://cointelegraph.com/news/donald-trump-memecoin-price-soars-following-assassination-attempt">attempt on the former US president</a> 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.
Magazine: <a href="https://cointelegraph.com/magazine/ai-hits-trough-of-disillusionment-ai-bubble-not-over-ai-eye/">AI bubble not over yet despite entering ‘trough of disillusionment’: AI Eye</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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

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