A memecoin experienced a dramatic rise and fall on Thursday following false claims of a connection to former President Donald Trump. The incident, which appears to be part of a “pump and dump” scheme, comes a day after Trump’s sons, Donald Trump Jr. and Eric Trump, issued warnings about fake tokens on social media.
The memecoin Restore the Republic (RTR) saw its value surge and then plummet on Thursday after misleading claims circulated on social media that it was linked to former President Donald Trump.
The price of RTR skyrocketed from $0.0005 to $0.1460 within hours, driven by false claims that it was associated with Trump. The token’s price then rapidly fell back to approximately $0.0076, though it still represents a significant 1,200% increase since its launch, with around $130 million in trading volume.
The controversy erupted following a video posted on X (formerly Twitter) by a well-known crypto figure, @SizeChad, who encouraged followers to buy RTR, suggesting that not doing so indicated “low T” (testosterone). The video was deleted but quickly reposted by another user. Ryan Fournier, a chair member of Students for Trump, also allegedly promoted RTR as being related to Trump before retracting his statement.
In response to the confusion, Eric Trump took to X to denounce the false claims, stating, “This is absolutely false.” Both Eric and Donald Trump Jr. used the platform to caution against fraudulent tokens and false associations.
Donald Trump Jr. emphasized, “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. 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’s volatile performance highlights the risks associated with memecoins and the potential for market manipulation through false claims.
