They say actions speak louder than words, but words can be powerful, too. How else can you explain a man wiping off 95% of a coin’s market value with just one simple statement? Because that is what happened.
HODL Team
Anyone who knows anything about meme coins knows how quickly many have come, crashed, and gone within the blink of an eye. But this one could take the cake for the fastest crash ever recorded.
A coin called Restore The Republic, or RTR, was just launched on Solana (SOL). It was rumored to be Donald Trump's official token as he seeks reelection into the White House. Naturally, that is big news for meme coin enthusiasts, as the coin surged up to $155 million in market value.
Abimbola Adu
Then came Eric Trump, who warned that his father does not have an official token yet. The young coin’s market value then crashed significantly. Although it had started well, it was a tragic end for the coin.
Eric Trump kindled the hearts of all Trump crypto supporters when he tweeted earlier in the week that he has truly fallen in love with Crypto/DeFi, and we should stay tuned for a big announcement.
I have truly fallen in love with Crypto / DeFi. Stay tuned for a big announcement…@Trump @realDonaldTrump @DonaldJTrumpJr
— Eric Trump (@EricTrump) August 6, 2024
People thought the launch of RTR on Thursday was this big announcement because the meme coin soared to a $155 million market capitalization just hours after launch. But their assumptions were not completely unfounded.
Ryan Fournier, a conservative activist and chair of Students for Trump, also fanned the flames after tweeting that “rumor has it that the official Trump coin is out…called Restore the Republic.” He eventually deleted the tweet, but it might have been a bit late.
After Fournier’s deleted tweet, Eric Trump broke the news, which eventually caused the historic downfall of RTR. Eric Trump warned of “fake tokens” and stated that the only official Trump project has not been announced yet.
🚨JUST IN: @DonaldJTrumpJr warns against fake Trump tokens, stating the official project "will be announced directly by us, and it will be fair for everyone." pic.twitter.com/usFSSILp4l
— SolanaFloor (@SolanaFloor) August 8, 2024
That was all it took for RTR to crash like something from history books. Later, Fournier said that sources told him that Donald Jr. would be backing RTR. His exact words were, “That is why I said rumor. I’m not a big crypto guy, and I was not in any way involved in this project.”
I was told by sources that Don Jr. would be backing this token. That is why I said rumor-Im not a big cyrpto guy and I was not in any way involved in this project.
— Ryan Fournier (@RyanAFournier) August 8, 2024
Although the truth came out later, and RTR crashed, some people still walked home happy from the debacle.
Blockchain data showed that early investors or insiders from RTR made $4 million in profits in six hours on the token’s rise and fall.
Five notable crypto wallets bought 105 million RTR with $882,000 worth of SOL and then sold 95 million tokens for $5 million in SOL. That's a pretty sweet deal.
As interesting as it is, this story highlights a couple of things. The first is how volatile the meme coin atmosphere can be, and the second is that Ryan Fournier is not a crypto guy.
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