As a seasoned crypto investor with battle scars from many market cycles, I can’t help but feel a sense of deja vu when it comes to these Trump-themed tokens. The latest one, Restore The Republic (RTR), was an all too familiar tale of hype, hope, and heartbreak.
As a seasoned cryptocurrency investor with a keen interest in politics, I found myself intrigued by the recent buzz surrounding the new PolitFi token, Restore The Republic (RTR). Given my background and understanding of both markets, I was drawn to this token due to whispers of its alleged ties to the Trump family. Having closely followed the political landscape over the past few years, I couldn’t help but be captivated by the potential connection between a Trump-themed token and the former US president.
Trump-Themed Token Turns Out Fake
On Thursday evening, the PolitiFi token found itself enveloped in turmoil following its dramatic 95% drop in value mere hours after its debut. This cryptocurrency was marketed as a means for maintaining our country as a symbol of liberty, fairness, and prosperity, under the banner “Restore The Republic.”
As a crypto enthusiast, I couldn’t help but notice the stir surrounding a newly-minted memecoin, rumored to be connected to an anticipated cryptocurrency project announcement by the Trump family. The buzz was palpable, and it didn’t take long for RTR’s price to skyrocket. In just a short time after its launch, RTR saw an astonishing surge of over 14,500%, climbing from trading at a mere penny (or $0.001) all the way up to an impressive $0.15.
Three hours following its launch, the token reached a market value of $155 million. Yet, this sudden spike promptly plummeted significantly when Eric Trump stated that the project had no connection to the ex-US president, causing a sharp decline.
In a recent post on X, Eric cautioned crypto investors about fraudulent tokens, stressing that any official Trump-related project has not yet been made public. He further clarified that any announcements regarding this will originate directly from their official sources first.
Following that event, the market capitalization of RTR plummeted dramatically, dropping from $125 million to just $13 million. The token’s value tumbled from approximately $0.12 to $0.007 within an hour, causing substantial losses for many investors.
As a researcher delving into the intricacies of on-chain data analysis, I recently uncovered an interesting incident involving a substantial crypto investor. This individual, apparently swayed by the Fear of Missing Out (FOMO), inadvertently parted with approximately $800,000 after purchasing the RTR token.
Because of the sudden drop in price, the whale was forced to offload their RTR tokens at just 118 SOL (approximately $18,000), which translated into a significant loss of approximately $898,500 over a span of four hours.
Crypto Scam Déjà Vu
It came to light that insiders pocketed more than $4 million from the memecoin, with recently established wallets acquiring millions of RTR upon its market opening. Immediately following Trump’s team denying any connection to the memecoin, the insiders offloaded the token.
Following the dramatic drop in prices, the cryptocurrency community engaged in extensive discussions regarding the questionable origins and marketing strategies of our token. Notably, Ryan Fournier, co-founder and chair of Students for Trump, had previously proposed – in a now-removed post – that our digital asset could potentially serve as an official Trump-associated currency.
As a researcher, I’ve observed that numerous Key Opinion Leaders (KOLs) endorsed the Real Estate Trust (RTR), presenting it as the long-awaited Trump venture to their audience. Regrettably, following its collapse, some of these influential figures admit to having suffered significant financial losses.
Another Key Opinion Leader (KOL) asserts they have “legally binding records” that demonstrate Donald Trump Jr.’s role in the project’s initiation. Notably, this situation has been likened within the crypto community to the previous “authorized” token associated with the Republican presidential candidate.
Approximately two months ago, DJT made news when there were whispers that he had been introduced to the market by Barron Trump, who is 18 years old. During this period, other tokens inspired by Trump plummeted by more than 30%, including MAGA (TRUMP). However, it was subsequently uncovered that the token was actually developed and managed by Martin Shkreli, often referred to as the “Pharma bro.”
After the incident involving RTR, Donald Trump Jr. discussed cryptocurrencies, inspired by his father’s interest. He mentioned that he has no comments on these digital assets. Trump Jr. also considered it a misunderstanding for people to assume that all Trump-themed cryptocurrencies are related to the family as the issue at hand.
As a market analyst, I affirm my admiration and appreciation for the vibrant memecoin culture; however, it’s essential to clarify that the cryptocurrency project we’ve been hinting at is distinct from this meme-centric ecosystem.
Read More
- CORE PREDICTION. CORE cryptocurrency
- Top gainers and losers
- SYS PREDICTION. SYS cryptocurrency
- KUNCI PREDICTION. KUNCI cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- CFG PREDICTION. CFG cryptocurrency
- Best coins for today
- DOGE PREDICTION. DOGE cryptocurrency
- THOR PREDICTION. THOR cryptocurrency
- STFX PREDICTION. STFX cryptocurrency
2024-08-10 11:10