The Restore the Republic (RTR) cryptocurrency dedicated to the United States to Donald Trump fell by 95% from its maximum after the denial of the involvement of the ex-president's family in the project.
Raydium Exchange's 15-minute RTR/USD chart. Data: DEX Screener.Initially, the price of RTR soared to $ 0.0027 against the background of a remote assumption by the chairman of the Students for Trump movement, Ryan Fournier, about the project's connection with a politician.
However, after Eric Trump called the rumors false, the asset's quotes dropped sharply to $0.000068, and its capitalization collapsed from $2.7 million to $67,000.
This is absolutely false https://t.co/qmv2AKeUYD
— Eric Trump (@EricTrump) August 8, 2024The community also began to harass members of the Kanpai Pandas NFT project team, who were suspected of promoting the token on X before the denial.
the advertiser pushing the link before the coin came out was Kanpai labs pic.twitter.com/2y91RWT5UX
— 𝐀𝐫𝐜𝐡 (🫵,😹) (@0xArch) August 8, 2024One user shared a screenshot claiming that Kanpai Labs is behind the coin's advertisement on Google.
At the same time, the founder of the project under the nickname Ice Bugz gave a vague comment on the younger Trump's statement, thanking "everyone who sent love."
I'm a scammer fuck buy pandas get bent. Thanks for the guys that sent love today. https://t.co/hlhSRZ3zrG
— Bagz (the real one) (@bagzybagz1321) August 9, 2024After a flurry of discontent, the exchange rate of the Kanpai Pandas collection of non-interchangeable tokens collapsed by 37%. The minimum price for NFT decreased from 0.775 ETH to 0.46 ETH, according to Blur data.
The Size Chad influencer also participated in the RTR shilling. Subsequently, he stated that he was not associated with the coin, deleted posts mentioning it and reported a "loss of ~$60,000."
Deleted tweets. Lost ~$60k. Not part of the team and never was. Received 0 tokens. Tweeted to support Ice Bags and got rugged.
— Size Chad (@SizeChad) August 8, 2024Rumors about the involvement of the 45th president of the United States in crypto projects appeared after his repeated statements about the industry. In addition, Donald Trump Jr. revealed details of a project related to cryptocurrencies and DeFi, which he announced before.
But the community did not appreciate such a gesture. There were many requests on the web for the Trumps to abandon the idea of entering the industry.
Eric - 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.
— K A L E O (@CryptoKaleo) August 8, 2024"Eric, if you are worried about your father's chances of winning this election, please, for God's sake, don't launch the token," said a KALEO trader.
Recall that Bitwise investment director Matt Hougan came to the conclusion that the attitude of politicians does not matter for the crypto industry. A similar opinion was expressed by the ex-CEO of BitMEX, Arthur Hayes.