Crypto Twitter Pumps and Dumps Trump Memecoin

Less than a week after the latest “official” Donald Trump memecoin rugged, crypto Twitter pumped and dumped another token that was rumored to be connected with the former president.

Restore the Republic token, ticker $RTR, launched this morning and pumped as high as a $155 million capitalization, over 100x from its launch price.

Soon after its launch, Eric Trump, Donald Trump’s son, responded to rumors fueled by Students for Trump chair member Ryan Fournier, who had posted he was “hearing” RTR was the “official trump coin.”

Eric Trump said, “this is absolutely false,” quoting Fournier’s tweet.

Upon the tweet, the price of RTR promptly fell by 90%

Traders speculated that the token had a connection to the Republican presidential candidate, after Eric Trump wrote in an Aug. 6 X post, “I have truly fallen in love with Crypto / DeFi. Stay tuned for a big announcement.”

Rumors in social media swirled in a manner reminiscent of the $DJT token launch. Fournier had posted his now-deleted tweet two hours after the launch.

Martin Shkreli, the lead behind the now-rugged DJT token, also chimed into the conversation, posting “from what I remember, RTR is the token that BT was worried would launch before DJT.”

Like many celebrity-backed tokens, market participants are quick to cast doubts over the project’s origins and legitimacy.

Earlier this morning, Velodata News reported that Kanpai Labs, the company behind the Kanpai Pandas NFT brand, is responsible for launching the token. The publication said Google records show Kanpai Labs is the entity funding and pushing the advertisements for the RTR token.