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Just recently Donald Trump Jr had shared a tweet where he spoke about shaking up the crypto world with emphasis on Defi, he is soon back with a comment on memecoins. When questioned about the RTR (Restore the Republic) memecoin, he said that his project is a “larger type of platform” compared to meme tokens, while expressing due respect for memecoins.
He said, “There’s a lot of guys doing great stuff. I love memecoins and that culture. I love what those guys are doing with some friends of mine. It’s great, but I just have to make sure that people understand that you can’t conflate one thing with another.”
RTR, A Pump-and-Dump Scheme?
The Trump-themed RTR token garnered the crypto community’s attention after an alleged rug pull following a dump from insider wallets. The meme coin was funded by certain wallets with $882K worth of SOL, as per data on Lookonchain. After the token rallied briefly, the wallets quickly sold their holdings, shedding 92.77M RTR for 31,994 SOL worth $5.05 million and making a profit of 26,414 SOL worth $4.17 million.
While the RTR token quickly soared and fell amidst rumors of being associated with Trump, it is now regarded as an apparent ‘pump-and-dump scheme. Its market capitalization ripped to over $100 million within an hour of its launch on Thursday, however, its value plummeted back to $9.2 million, over 90% reversal.
Notably, Eric Trump clarified that the rumor is absolutely false. While Trump Jr. clarified that he is not calling RTR a scam, he also stated that the token is not associated with the project he and Eric are building.
Trump Jr. Confirms Long-Term Project At Play!
Also Donald Trump Jr. on Thursday tweeted, “I love how much the crypto community is embracing Trump. It’s absolutely incredible, but beware of fake tokens claiming to be part of the Trump project.” He further added that the project is going to be a non-memecoin project intended as a “long term play” and that they will announce it directly when it is ready.
There are currently 162 Trump or MAGA-themed crypto tokens, up from 111 just two weeks ago. This proliferation of Trump-related tokens showcases how politics intersects with crypto and the potential for such kinds of exploitation in unregulated markets.