Attention to the price of the fake Trump crypto token

After Donald Trump’s son announced the day before yesterday that they are about to revolutionize the world of cryptocurrencies with something huge, in the DeFi sector, some fake tokens pretending to be Trump’s tokens have landed on the crypto markets.

In reality, in the crypto market, there already exists a memecoin dedicated to Donald Trump. It is called MAGA (Make America Great Again), and it is present in the crypto markets with the ticker TRUMP.

MAGA ($TRUMP) was not, however, created by Trump’s staff, even though its creators sent many tokens to Trump’s public address so that the president would be the owner of some TRUMP tokens. 

The fake Trump token and the pump&dump of the crypto price

After the announcement of Donald Trump jr., several fake tokens were launched on DEX, falsely presenting themselves as the new Trump token. 

One of these, launched on Solana, is RTR (Restore The Republic). 

The third son of Trump, Eric, had to publicly deny that RTR was a Trump crypto project. 

In the financial markets, the terms “bull” and “bear” are often used to describe market trends. A “bull” market is characterized by rising prices, while a “bear” market is characterized by falling prices. Investors need to understand these terms to make informed decisions.

Eric Trump is also the executive vice president of the Trump  Organization. 

Donald Trump Jr. himself has also denied that it is their crypto project, responding to a tweet from the official Restore The Republic profile that claimed Donald Trump was behind RTR.

However, Donald Trump jr. added that he knows some of the guys behind RTR, and that he thinks they are well-intentioned. 

RTR was launched on the DEX Meteora on Solana the day after the announcement by Donald Trump jr.

It is also present on other DEX on Solana such as Orca, Raydium, and Jupiter. 

Pump & Dump

The problem is that the creators of the crypto token Restore The Republic (RTR) have effectively presented it as a token directly linked to the electoral campaign and the words of Donald Trump. 

Furthermore, the president of Students for Trump, Ryan Fournier, had published a post that was later removed, in which he suggested that RTR was the new official Trump token. 

So this crypto project was falsely presented as the new Trump crypto project, and once it landed on the crypto markets, it recorded a classic pump&dump type parabola. 

In other words, whoever created it invested very little to generate about a billion tokens, and then announced that they had put a token on the market somehow connected to Trump’s election campaign. 

Its price in a few hours rose from 0.9 thousandths of a dollar to almost 22 thousandths, with a +2,300% that should have immediately suggested a possible pump&dump scheme. 

In the following hours, the official denial was released, and the price of RTR not only returned to where it started (0.9 thousandths of a dollar), but it also ended up plummeting to 0.7. 

So from the peak it has already lost almost 97% of its market value. 

This 97% could be due to the massive sales by its creators after the pump fueled by the false news created and spread by themselves, even though this for now remains only a hypothesis. 

MAGA

The TRUMP token of the MAGA crypto project, on the other hand, was launched on the crypto markets in September of last year. 

Although it is not an official Trump token, or part of his election campaign, it is the one that comes closest to being so. 

In fact, it did not record a clear and distinct pump&dump path. 

However, after rising significantly (+10,000% from January to March of this year), it had recorded heavy losses, but without returning to the initial $0.07. 

In fact, after rising to almost $10 and then falling below $4 in April, it recorded its all-time high in June at an impressive $17.5 with an additional +82% compared to the March peak. 

However, it then collapsed to $3, especially from the moment of Joe Biden’s withdrawal of his candidacy. 

At this moment it is at -82% from the highs of two months ago, but it is still well above both the initial price of September last year and the price at the beginning of 2024. (0.27$). 

These are rather frequent dynamics among memecoins, and MAGA is indeed just a memecoin. 

The new crypto project of the Trumps: new token coming?

Donald Trump Jr. is working on a new decentralized financial platform that aims to address inequality in access to banking services.

He has instead publicly and clearly denied working on a memecoin. 

However, he also warned that this crypto project is not only still in its early stages, but also that it will take a long time before it becomes a reality.

Even though the timing has not been specified, it seems difficult that it could arrive before the elections, if nothing else in a complete and usable form for everyone. 

This is a project that aims to challenge the banking world, particularly to address the issue of inequality among people in obtaining financing. 

It should be added, however, that there are already several decentralized platforms for loans.