Trump sons warn of memecoin pump and dump
Quick Take
- The Restore the Republic (RTR) memecoin precipitously popped and dropped after it appeared it was falsely claimed to be connected to former President Donald Trump.
- Trump’s two sons, who the day before teased an upcoming DeFi announcement, took to social media to warn people of fake tokens.
A memecoin precipitously rose and fell on Thursday after people appeared to falsely claim on the social media platform X that the token was connected to former President Donald Trump.
The apparent "pump and dump" scheme came a day after Trump's sons, Donald Trump Jr. and Eric Trump, took to X to praise crypto while teasing an upcoming DeFi announcement.
In one video posted to X, which was later deleted, only to be then reposted by another user, a popular voice among crypto known as @SizeChad told people if they didn't buy the Restore the Republic (RTR) token they had "low T." Ryan Fournier, a chair member of Students for Trump, also allegedly at one point promoted the token as being associated to the current Republican nominee for president before then later deleting the tweet.
Eric Trump took to X to denounce Fournier's tweet, posting: "This is absolutely false," in his tweet. Both Eric and Donald Jr. cautioned people against fake tokens.
"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," Donald Jr. posted Thursday afternoon. "The only official project will be announced directly by us, and it will be fair for everyone. Don't be fooled—stay tuned for the real deal."
The RTR token surged from the $0.0005 level to as high as $0.1460 in a matter of hours, according to GeckoTerminal data. It was subsequently dumped nearly as quickly and sits around $0.0076 at time of writing. That's still good for a 1,200% rise since launch with about $130 million trading volume.
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