Eric Trump denies father’s connection to rugged RTR memecoin

Donald Trump’s second son has debunked any links between the Trump family and a viral icon called “Restore The Republic.”

Another day, another rug pull. A Restore The Republic (RTR) token rumored to be Trump’s official cryptocurrency has stunned speculative investors after developers crashed the project.

The token was launched on August 8, and the leading consensus says it emerged as a Trump memecoin from Kanpai Labs, an NFT project. RTR reached a market cap of $150 million in less than 12 hours due to intense social media promotions, known as shilling on web3.

Within minutes, Solana (SOL) dropped below $10 million in a blatant rug-pulling on the blockchain. RTR’s drop coincided with Eric Trump’s tweet denying that X’s father was involved.

Several Trump-related memecoins started this cycle, particularly as an intersection between US politics and cryptocurrencies emerged. Many of these tokens have crashed, as have countless other memecoins this year.

Trump is also expected to share a “big announcement” that could be a real-world asset project, as reported by crypto news. Amidst this fiasco, Donald Trump Jr. has urged crypto investors to be wary of scammers, reminding the public that only the Trump family will reveal the real Donald Trump crypto game.

I love how much the crypto community has embraced Trump. It’s absolutely incredible, but beware of fake tokens claiming to be part of the Trump project. The only official project will be announced directly by us and will be fair to everyone. Don’t be fooled—…

—Donald Trump Jr. (@DonaldJTrumpJr) August 8, 2024