Trump Crypto Token: Everything You Need to Know
In August 2024, a new token called Restore the Republic, or RTR, quickly rose to prominence thanks to rumors that the token was backed by former president Donald Trump. But is this token really backed by Trump? And should you buy it? We have all the answers so keep reading.
Is Restore the Republic (RTR) Donald Trump’s Crypto?
In recent days, Trump has been very vocal in the media and on social media about his support of cryptocurrency. Not only that, but he has also hinted to many people that he plans to create his own cryptocurrency at some point in time. Not only that, but his son also plans to create his own crypto trading platform.
As such, on August 8th, when RTR launched and suddenly began trading, many individuals assumed this token was the one backed by Trump and began to buy it, causing the price to spike quickly. Not only that, but several republican activists posted on Twitter/X that it was Donald Trump’s token, and that people should buy.
Unfortunately for anyone who invested, Donald Trump’s son later clarified that his father does not have a token yet and that RTR is likely a scam. Here at MintDice.com, we did our own investigation and found that there doesn’t seem to be a reputable company backing the coin, nor is an owner listed, leading us to believe that it is, in fact, a scam.
What is Restore the Republic?
Restore the Republic is a memecoin. We aren’t sure who invented it, or how it works. We did several Google searches and even looked at trading websites, but we were unable to find the RTR whitepaper. We also did not find a website but rather discovered that this project is run off of Telegram chats and X postings.
Therefore, we have no idea what this token is to be used for, and we suspect that it is some sort of scam coin.
Should You Buy Restore the Republic?
We absolutely do not think you should buy this token. Not only is there next to no information about it, but on top of that, we have no idea who is behind it. Donald Trump’s son even told the media that he expects that it is some sort of rug-pull scheme. For that reason, we recommend steering clear of this particular token.
Related: What is a Rug-Pull Scheme?
The Dark Side of Rug Pull Schemes
Although we cannot say for certainty that RTR is a rug-pull scheme we think there is a large chance that it is. And even if the individual backing the token doesn’t disappear with all the money behind the token the damage may already be done.
What damage, you ask?
Well, during the RTR trading frenzy yesterday five wallet address address purchased $882,000 worth of RTR, only to sell it for over $5 million dollars just a few hours later. This means several individuals have already made over $4 million off of this token in just over 24 hours.
In order to have the knowledge available to make this sort of decision, we strongly suspect that the five wallets are individuals with inside knowledge of the token, as well as access to the individuals who were pushing it on August 8th. Although the Student Society for Trump has denied any involvement, we can’t help but wonder if there was, in fact, involvement from someone who knew the token would spike and subsequently crash.
Just to be clear, we still fully suspect the creator of this token will disappear with all investor funds, but it is worth mentioning that this could be several years into the future as the individual or individuals behind the token may have already had a massive payday to stave them off.
Is TrumpCoin (DJT) Donald Trump’s Crypto?
If that weren’t enough, there is currently another token masquerading as a cryptocurrency created by Donald Trump. Launched in June 2024, TrumpCoin, with the ticker DJT, was said to be created by Martin Shkreli and Trump’s son Barron as a joint venture, and, as such, it quickly spiked in price.
The truth came out eventually, however, and TrumpCoin or DJT is, in fact, not backed by Trump or anyone in his family. So, the token quickly crashed, losing almost all of its value. It is currently suspected that DJT is also a rug pull scheme, but this has not yet been verified.
Related: How to Tell if a Crypto Website is Legit (Complete Guide)
Does Donald Trump Have a Crypto Token?
As of the writing of this article in August 2024, Trump does not have a token. While he has said he wants to make one, he and his family have both stated multiple times that he does not currently have one.
Currently, according to CoinDesk, there are 162 cryptocurrency tokens based on Trump or MAGA, but sadly, none of them are supported by him. It is also expected that all of these are scams, and you should not invest in them unless you do your research, trust the maker of the coin, and understand the technology behind the project. Otherwise, you may lose your entire investment.
We assume that if Donald Trump eventually makes a token, it will be all over the news, and Trump himself will talk about it. We also think it will somehow be tied to his campaign with an official whitepaper and website. None of the current Trump tokens have these, which is why we suspect they are scams.
Overall, we currently do not suggest purchasing any type of Trump-themed token. It is almost certainly a scam, as Trump does not actually have a token yet. Additionally, we suspect that any token released by Trump would be a memecoin only and not carry any actual value. Remember, scams are prevalent in the cryptocurrency world, and if something sounds too good to be true, it probably is.
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