Republic in ruins 📉 That didn't take long!
2 days ago, one of Trump's sons, Eric, stated that he had fallen in love with crypto and DeFi and hinted at an upcoming announcement, which fueled speculation of a new crypto project by the Trump family.
Seemingly out of nowhere, a newly launched token known as 'Restore The Republic' (RTR), rumored to be the aforementioned project, surged to a peak market cap of $150M within a few hours after its launch.
Unfortunately, the party quickly came to an abrupt end after Eric Trump warned users about fake tokens, saying that the official project had yet to be announced.
Expectedly, the price of RTR plummeted by 95%, falling from a market cap of $150M to just $8M today.
Members of the crypto community noted that Kanpai Labs, known for their Kanpai Pandas NFT collection, had advertised RTR shortly before its launch.
In a now-deleted post, Kanpai founder Bags tried to defend the project by claiming that the Trump family chose the launch date but failed to follow through.
As a result, the floor price of the Kanpai Pandas NFTs has also fallen by 34.7% from 0.72 ETH to 0.47 ETH.
Editor's Note: With US politics being one of the more influential narratives around crypto at the moment, it's no surprise that malicious actors will always be around to take advantage of the hype through unsolicited rumors and suspicious token launches. We've seen this all before through celebrity coins - although these tokens can climb quickly through FOMO, they can fall just as hard with just a few words. | 
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