\n
![](\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2024\/08\/GettyImages-2164586923-e1723217375901.jpg?w=2048\")
<\/p>\n [ad_1]
\n<\/p>\n
A cryptocurrency called Restore the Republic (RTR) has witnessed a dramatic rise and fall, despite trading for less than a day, due to confusion over its origin. When the token emerged on the Solana blockchain Thursday, it was quickly associated with former president Donald Trump\u2019s son Eric Trump, who had posted<\/a> on X<\/a> earlier in the week: \u201cfallen in love with Crypto \/ DeFi. Stay tuned for a big announcement.\u201d\u00a0<\/p>\n Rumors began to swirl online that RTR could be the teased \u201cannouncement.\u201d\u00a0Ryan Fournier, chair of Students for Trump, posted: \u201crumor has it that the official trump coin is out\u2026called Restore the Republic.\u201d As rumors snowballed, crypto and MAGA enthusiasts alike poured over $155 million into the currency within six hours of trading, causing the value to spike over 120%, according to CoinGecko data<\/a>.<\/p>\n I have truly fallen in love with Crypto \/ DeFi. Stay tuned for a big announcement\u2026@Trump<\/a> @realDonaldTrump<\/a> @DonaldJTrumpJr<\/a><\/p>\n \u2014 Eric Trump (@EricTrump) August 6, 2024<\/a><\/p><\/blockquote>\n <\/p>\n However, after just one hour of peaking at $0.022, the price quickly dropped by over 80%. Triggering the swift unravel was a tweet<\/a> from Eric Trump, warning users of \u201cfake tokens\u201d and adding that the official Trump project has not been announced.<\/p>\n In an interview<\/a> shared on X, his brother Donald Trump Jr. addressed the confusion: \u201cI love memecoins and that culture. I love what those guys are doing\u2026 But I just have to make sure that people understand that you can\u2019t conflate one thing with another.\u201d He urged speculators not to associate any token with the family \u201cunless you hear it directly from us.\u201d<\/p>\n Don Jr. Discusses Today’s RTR Debacle on Locals Q&A pic.twitter.com\/cd7pVBJAjx<\/a><\/p>\n \u2014 db (@tier10k) August 8, 2024<\/a><\/p><\/blockquote>\n <\/p>\n Once the token began to unwind,\u00a0Fournier posted that he was informed by \u201csources\u201d that Trump\u2019s son would be backing the token. \u201cThat is why I said rumor. I\u2019m not a big crypto guy and I was not in any way involved in this project,\u201d he added, defending his case.\u00a0<\/p>\n Some members of the crypto community highlighted<\/a> that Kanpai Labs, the creator of the Kanpai Pandas non-fungible tokens (NFT), had been advertising the token prior to its launch. Kanpai\u2019s creator, who goes by the alias \u201cBags,\u201d claims<\/a> the Trump family were behind the coin, even picking a launch date, then \u201chard rugged us,\u201d before quickly deleting the post.<\/p>\n RTR is not the first Trump-themed memecoin that is allegedly unaffiliated with the former president. Super Trump (STRUMP<\/a>) has a market capitalization of over $14 million, and soared 20% as RTR began pumping. Likewise, the token MAGA (TRUMP<\/a>) has a market cap of over $140 million and jumped 10% on Thursday.\u00a0Historically, the coins have pumped during bullish moments of Trump\u2019s electoral forecast. <\/p>\n<\/div>\n\n\n
\n
Learn more about all things crypto with short, easy-to-read lesson cards. Click here for Fortune’s Crypto Crash Course<\/a>.<\/div>\n<\/div>\n