The crypto world was not too long ago taken by storm with the launch of a brand new token on the Solana (SOL) community, named Restore the Republic (RTR), rumored to be linked to Donald Trump.
The rumors surged after his son, Eric Trump, posted about his newfound curiosity in crypto and decentralized finance (DeFi), hinting at a “massive announcement” upcoming. Two days later, the RTR token launched.
Initially, the token’s launch seemed to be an enormous success, reaching a market capitalization of $155 million inside hours of its launch. Nonetheless, Eric Trump quickly issued a cautionary assertion about “faux tokens” and clarified that no official Trump crypto undertaking had been introduced, inflicting RTR to drop by 95%.
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Additional investigation revealed that Kanpai Labs, the corporate behind the Kanpai Pandas non-fungible token (NFT) assortment, could have performed a task within the token’s promotion, because it reportedly boosted the token’s visibility by way of Google ads earlier than its launch.
The CEO of Kanpai Labs, often known as Bagz, stated in an X submit that was deleted shortly after:
<The Trump household> picked the launch date and time. Then laborious rugged us 5 minutes after we had been advised they had been tweeting. It was one of many hottest launches ever previous to that. I’m so sorry to everybody.
Blockchain analytics service Lookonchain reported that insiders managed to make vital income throughout the token’s rise and fall. 5 crypto wallets had been recognized as having bought almost 105 million RTR tokens with $882,000 value of SOL after which promoting 93 million of these tokens for $5 million in SOL, leading to over $4 million in income.
The controversy surrounding the RTR token serves as a reminder of the volatility and speculative nature of the memecoin market.
In the meantime, the aforementioned Trump’s “massive announcement” was truly a DeFi platform aimed toward addressing banking inequality.
Gode is a Web3 Market Analyst who researches crucial business occasions and interprets how they have an effect on the broader Web3 area. Her formal training in media tradition & digital rhetoric permits her to make use of a methodical method to evaluating crucial Web3 information information, together with large-scale occasions and the broader social sentiment throughout the ecosystem.Gode is a mutilingual skilled, having studied in a number of universities all throughout Europe. This permits her to have a one-of-a-kind alternative to research Web3 social sentiments spanning completely different cultures and languages and, in flip, develop a a lot deeper understanding of how the Web3 area is rising inside completely different communities. With the remainder of her crew, Gode works to determine essential crypto information patterns and supply unbiased and data-driven data.Gode’s passions embrace working and speaking with individuals, and when she’s not researching Web3 information, she spends her time touring and watching true crime documentaries.
