Amid the US presidential race, the crypto space has seen a flurry of memecoins linked to Donald Trump, Joe Biden, and Kamala Harris. Many traders have made millions on these tokens, but there are also those who have lost. Fortune writes about this.
►Follow the Finance Ministry page on Facebook: top financial news
One of these memecoins is called Restore the Republic (RTR), which the crypto community has linked to the Trump family. The asset grew by 120% on the rumors, but after the presidential candidate's son denied his involvement in the token, it fell sharply by 80% within an hour, and traders who had managed to invest $155 million in RTR lost money.
The impetus for RTR's growth was a message from the head of the Students for Trump movement, Ryan Fournier, that a new memecoin had entered the market, allegedly supported by Eric Trump. This happened after the presidential candidate's son wrote that he loved cryptocurrency and announced a big announcement on this topic.
One of the traders lost almost $1 million after Eric Trump's tweet. He bought RTR tokens for 5687 SOL ($892 thousand), but was forced to sell everything for 113 SOL ($17 thousand) to have at least something left.
Donald Trump himself creates an image of a person who ardently supports cryptocurrencies, although during his first presidency he stated that such assets have no value. The sharp change in the politician's rhetoric is probably connected with the sponsors of the presidential campaign, among whom there are many representatives of the crypto industry.
Top of the best crypto exchanges in Ukraine
- Cryptocurrency