Crypto Scam? PolitiFi Token RTR Plummets 95% After Trump Family Denies Link

Rubmar Garcia

10 months ago

3 mins read

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This week, a new PolitFi token made the headlines amid the crypto market recovery. Restore The Republic (RTR) caught the attention of investors after rumors of being linked to the Trump family surged. The Trump-themed token saw a massive surge after its launch. However, its price quickly plunged after the former US president’s camp denied any links with it.

Trump-Themed Token Turns Out Fake

On Thursday night, a PolitiFi token was surrounded by controversy after it plummeted by over 95% just hours after launching. Restore The Republic was described as a token to “ensure that our nation remains a beacon of freedom, justice, and opportunity.”

The memecoin created a buzz among investors as it was suspected to be the Trump Family’s highly anticipated crypto project announcement. As a result, RTR’s price surged over 14,500% following its launch, going from trading at $0.001 to as high as $0.15.

The token also hit a market capitalization of $155 million three hours after launching. However, the rapid surge was quickly met with a massive drop after Eric Trump claimed the project wasn’t related to the former US president.

In an X post, Eric warned crypto investors of fake tokens, stating that “the only official Trump project has NOT been announced.” He also emphasized that the news would come directly from their camp first.

Immediately after, RTR’s market cap nosedived, going from $125 million to $13 million. The token went from trading around the $0.12 mark to $0.007 in less than an hour, leaving many investors with massive losses.

On-chain data analysis firm Lookonchain revealed that a crypto whale lost over $800,000 after FOMO-buying the token. Per the report, the investor spent 5,800 SOL, worth $916,400, to buy 7.2 million RTR at its highest price.

Due to the price crash, the whale sold the RTR tokens for only 118 SOL, worth around $18,000, resulting in a loss of $898,500 in four hours.

Crypto Scam Déjà Vu

Online reports revealed that insiders made over $4 million from the memecoin. The newly created wallets bought millions of RTR as it opened trading. The insiders sold the token right after Trump’s camp denied ties to the memecoin.

After the price crash, the crypto community discussed the token’s shady launch and promotion. Students for Trump group’s co-founder and chairman, Ryan Fournier, suggested in a now-deleted post that RTR was the official Trump token.

Moreover, several KOLs (Key opinion leaders) promoted RTR to their followers, claiming it was the highly anticipated Trump project. After the collapse, some of these influencers affirm to have lost large sums of money.

One KOL also claims to possess “legal documentation” that proves Donald Trump Jr.’s involvement with the launch. The crypto community quickly compared this incident to the last “official” token linked to the Republican presidential candidate.

Nearly two months ago, DJT made the headlines after being rumored to have been launched by 18-year-old Barron Trump. At the time, other Trump-inspired tokens crashed by over 30%, including the MAGA (TRUMP). However, it was later revealed that the token was created and run by “Pharma bro” Martin Shkreli.

Following the RTR debacle, Donald Trump Jr. spoke about cryptocurrencies inspired by his father. He stated that he has “nothing to talk about” regarding these tokens. He also deemed people assuming that all Trump-themed tokens are linked to the family as the problem.

The businessman clarified that he loves and respects memecoin culture, but they are not the crypto project they have been teasing.

Crypto, TRUMP, TRUMPUSDT — TRUMP’s performance in the three-day chart. Source: TRUMPUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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