After denial by Donald Trump Jr.: Memecoin RTR collapses

There are numerous memecoins associated with Donald Trump. One of these has now collapsed after his son publicly distanced himself from it. Many point to insider trading.

The memecoin "Restore The Republic," or RTR for short, fell off the deep end just hours after setting a new record: the price lost 74% in just nine hours.

The reason: Donald Trump Jr. After there was speculation about possible connections between the RTR token and the former president's entourage, his son denied these connections in an interview, calling them false.

"Beware of fake tokens claiming to be part of the Trump project. The only official project will be announced directly by us," said Donald Trump Jr. on X.

Earlier, he himself caused speculation with a tweet in which he announced a crypto project without giving further details.

However, this does not appear to be a token. According to Donald Trump Jr. they are preparing to launch a DeFi platform.

It also appears that the RTR token involved insider trading. According to the data analysis service Lookonchain five wallets earned four million dollars as a result.