- Two of Donald Trump’s sons have picked up crypto advocacy.
- Trump’s sons have distanced themselves from a new token buzz.
- But is their own project on the horizon?
Over the past weeks, Donald Trump’s embrace of the ‘crypto president’ moniker has put him at the forefront of industry chatter. With his campaign promising to reform US regulatory standards in exchange for industry backing, two of his sons have jumped on the bandwagon, showing their own crypto enthusiasm and hinting at a major project.
The resulting buzz from their entry triggered a parabolic surge in a Trump-themed token, prompting a disclaimer from the family.
Trump’s Sons Deny RTR Token
Following speculation that the recently launched Donald Trump-themed token, Restore the Public (RTR), was the official project of the election hopeful, a 2111.2% rally drove the token to new heights.
However, the situation soon fell apart when two of Trump’s sons rebelled, asserting no affiliation with the token.
“Beware of fake tokens claiming to be part of the Trump project,” wrote Donald Trump Jr., backed by his brother Eric, with a separate message that read “Friends: Beware of fake tokens! The only official Trump project has NOT been announced!”
In response to the disclaimer, the RTR token suffered a sharp 97% crash, tumbling from its high point of $0.2173 to a current trading price of $0.0073 and wiping out its $155 million market value within just two hours.
While the token may not have been official, Trump’s sons did not fail to hint at an incoming project.
Trump’s Sons Tease Crypto Project
Building on their August 7 teaser of a “big announcement” coming soon, both Eric and Donald Trump Jr. reiterated in their disclaimer that their own project is on the way.
Trump Jr. described the project as the “real deal,” which he shed more light on during a recent Q&A session. Responding to questions on whether or not he is dropping a coin, he affirmed that he was not, adding that the project would focus on banking reform.
“What we are talking about is sort of a larger type of platform,” he stated. “What we want to do is sort of take on a lot of the banking world.”
He emphasized that the platform will address the existing inequality in the traditional banking system, adding that it may take some time to come to fruition.
On the Flipside
- Democrat presidential candidate Kamala Harris is ramping up crypto-focused efforts to challenge Donald Trump.
- One RTR investor lost 5,687 Solana, worth approximately $898,500, following the token’s crash.
- Most of the 2024 memecoins tied to political and celebrity figures have seen a huge decline in value.
Why This Matters
Despite the Trump family’s clarification that RTR was not an official project, the dramatic surge and subsequent crash of the token highlight the volatility of crypto projects linked to influential and political figures. This underscores the need for these figures to gain a thorough and accurate understanding of the crypto industry before launching any venture, be it a token or platform.
Find out more about other Donald Trump-themed memecoins and their vulnerability to political trends:
Trump-Themed MAGA Coin Blasts Off 40% After Assassination Attempt
Read this article to understand how Bitcoin and Ethereum ETFs are performing:
Bitcoin & ETH ETFs Trade Fortunes as Confidence Shaken
