Crypto Insiders Make Millions with Trump-Themed Token Before 95% Crash

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As a seasoned crypto investor with a knack for spotting trends and sniffing out scams, I’ve seen my fair share of pump-and-dump schemes. The latest addition to this infamous list is the “Restore the Republic” token, or RTR as it’s known in the crypto community.

The digital currency titled “Restore the Republic,” which made its debut not long ago, experienced a significant drop in value – a staggering 95% – following Eric Trump’s statement that the currency had no connection to his family, who are Presidential candidates.

Response to a since-removed tweet on the social media site X (previously known as Twitter), posted by Ryan Fournier, the current chair of Students for Trump, implied that they were endorsing or linked to the mentioned political candidate. However, this association has been refuted in their subsequent denial.

Initially soaring beyond $0.15, the value of the token dramatically dropped, now being traded at just $0.007, and with minimal trading activity due to a decline in trader engagement.

As a crypto investor, I’ve noticed an interesting development with RTR: In a mere six hours, the creators reportedly raked in over $5 million from this cryptocurrency. However, shortly after, they denied these claims, which caused a significant drop in the value of RTR.

Based on information from Lookonchain, an analytics firm that specializes in on-chain data, it was discovered that five different wallets invested approximately 5,580 Solana (SOL) tokens, valued at about $880,000, to purchase a staggering 104.64 million RTR tokens during the cryptocurrency’s initial trading period. Later on, these same wallets sold off 92.77 million of those RTR tokens for around 31,994 SOL tokens, which is approximately $5 million in value.

As a seasoned cryptocurrency investor with years of experience under my belt, I can confidently say that the profits generated by these newly created wallets are undeniably impressive. Having navigated the complex and ever-evolving landscape of digital currencies myself, I recognize the potential for significant gains when it comes to strategic trading. However, the claim that these wallets were “obviously insiders” based on their transactions with Coinbase and Bybit raises a red flag. My personal rule of thumb is always to be cautious when dealing with platforms or entities that exhibit suspicious behavior, no matter how lucrative they may seem. It’s crucial to prioritize security and transparency in this rapidly growing industry to avoid potential pitfalls and safeguard one’s investments.

In the past 6 hours, an astonishing five wallets have amassed over $4 million on a recently launched coin called $RTR! This new meme-inspired cryptocurrency was only introduced six hours ago. These five investors spent approximately $882,000 in Solana ($5,580) to purchase 104.64 million $RTR during the initial trading, and later sold 92.77 million $RTR for a staggering $5.05 million in Solana, resulting in a profit of $4.17 million!

— Lookonchain (@lookonchain) August 8, 2024

In simpler terms, a digital currency modeled after Donald Trump is not the first to be introduced and suffer a significant decrease in value. Previously, a cryptocurrency named TrumpCoin (DJT) experienced a 95% decline during the recent crypto market downturn.

As reported by Cointelegraph, the Ethereum token MAGA experienced a rapid increase in value. This spike occurred following the unsuccessful assassination attempt on the ex-U.S. President, which momentarily boosted speculation about his potential re-election.

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2024-08-09 17:03