The launch of the Restore the Republic (RTR) token on the Solana network has caused quite a stir in the crypto world, with rumors swirling about its connection to Donald Trump. The token initially saw massive success, reaching a market capitalization of $155 million in just a few hours. However, things took a turn when Eric Trump issued a statement cautioning about “fake tokens,” causing RTR to plummet by 95%.
Further investigation revealed that Kanpai Labs, the company behind the Kanpai Pandas NFT collection, may have been involved in promoting the token. The CEO of Kanpai Labs, known as Bagz, admitted to picking the launch date and time but expressed regret over the outcome.
Insiders were able to profit significantly from the token’s rise and fall, with five crypto wallets identified as making millions in profits. This controversy highlights the volatility and speculative nature of the memecoin market.
Meanwhile, Trump’s “big announcement” turned out to be a DeFi platform aimed at addressing banking inequality. The entire saga serves as a reminder of the complexities and risks involved in the crypto world.
