Donald Trump’s second son debunked any connections between the Trump family and a viral token dubbed “Restore The Republic.”

Another day, another rug pull. One Restore The Republic (RTR) token, rumored to be Trump’s official cryptocurrency, left speculative investors gasping after developers crashed the project. 

The token launched on Aug. 8, and the leading consensus said Kanpai Labs, an NFT project, made it as a Trump memecoin. RTR climbed to a $150 million market cap in under 12 hours due to heavy social media promotions, known as shilling in web3.

Within minutes, it crumbled below $10 million in an apparent rug pull on the Solana (SOL) blockchain. RTR’s nosedive coincided with Eric Trump’s X post denying his father was involved.

Several Trump-related memecoins have launched this cycle, especially as an intersection between U.S. politics and cryptocurrencies emerged. Most of these tokens have crashed, like countless other memecoins this year.

Trump is also expected to share a “huge announcement,” which may be a real-world asset project, as crypto news reported. Amid the debacle, Donald Trump Jr. urged crypto investors to stay vigilant against scammers, reminding the public that only the Trump family would reveal the authentic Donald Trump crypto play.

I love how much the crypto community is embracing Trump. It’s absolutely incredible, but beware of fake tokens claiming to be part of the Trump project. The only official project will be announced directly by us, and it will be fair for everyone. Don't be fooled—stay tuned for…

— Donald Trump Jr. (@DonaldJTrumpJr) August 8, 2024