6-hour dream of getting rich shattered, the pseudo-Trump meme coin RTR stages an on-chain massacre

Author: Joyce, BlockBeats

From last night to this morning, the meme market witnessed a "mass exodus on-chain" with a trading volume exceeding 100 million USD.

Around 9 PM last night, RTR, which was circulated in the community as the "official Trump meme coin," launched on Solana. Its market cap surpassed 10 million USD within 15 minutes, and within three hours, it surged 12 times, reaching a peak market cap of 155 million USD.

Immediately after, RTR experienced perhaps the fastest market cap evaporation in the recent meme market, plummeting 95% from 150 million USD to 8 million USD in just two hours. In the 15 minutes after 1:50 AM, RTR's market cap decreased by nearly 70 million USD.

The story of RTR began with Ryan Fournier, the chairman of the Trump fan organization "TrumpStudents," who has since deleted all promotional tweets about the token. According to screenshots circulating in the community, Ryan Fournier released the contract address for the token $RTR "Restore the Republic" last night, stating, "There are rumors that the official Trump token has been launched… named 'Restore the Republic.'"

Looking back, there was already a previous case of the "official Trump token" DJT being exposed, and the source labeling RTR as the "official Trump token" was even more singular than DJT. This scam was originally easy to identify, and after Ryan Fournier's tweet, many people immediately expressed skepticism.

For example, AltOnChain tweeted around 10 PM last night tweet, stating, "After extensive on-chain research, I can 100% confirm that $RTR has absolutely no connection to the Trump family. This is just another random ordinary Trump concept coin. Don't be fooled by those idiots KOLs who are hyping it as the official Trump token; they will wait for you to take the fall."

This tweet did not deter the enthusiastic meme players, and RTR doubled in price in the following two hours.

In the meme market, where "hype is the password," players assume that all news memes will eventually go to zero, but this does not prevent them from gaining high returns during the rise. In the past two days, Trump's second son Eric Trump and his eldest son Donald Trump Jr. both expressed strong interest in DeFi on Twitter, prompting the community to await their "major announcement." Therefore, despite the lack of more sources to verify, a large number of people were willing to buy into the hype surrounding RTR.

RTR began to decline when its market cap reached 150 million USD, dropping nearly 50% in one hour. The final blow to RTR, causing its market cap to evaporate by 70 million USD in 15 minutes, came from the "main characters" responding.

Eric Trump tweeted at 1:56 AM, stating, "Friends: Beware of fake coins! The only official project from Trump has not been announced! You will hear it from me first."

Four minutes later, Donald Trump Jr. also tweeted, "I love the cryptocurrency community's support for Trump. This is absolutely incredible, but be careful of fake tokens claiming to be part of the Trump project. The only official project will be announced directly by us, which is fair for everyone. Don't be fooled—stay tuned for the real deal."

Three minutes after Donald Trump Jr.'s tweet, RTR's market cap dropped to around 8 million USD, with a 90% decline in fifteen minutes.

From the launch of RTR to its market cap exceeding 150 million, and then being debunked to "zero," it took less than six hours. During these six hours, RTR's trading volume exceeded 100 million USD, and many traders suffered significant losses.

Almost "No One Survived"

Cases like RTR, which quickly attract massive liquidity and then rapidly collapse, are rare in today's meme market. Generally, most meme coins that experience wild fluctuations have small market caps and limited liquidity. Therefore, even if traders "buy at high," their losses are usually not too severe.

However, with RTR, its circulating market cap once reached 150 million USD, and there were traders who invested hundreds of thousands of dollars. The impact of RTR's collapse was thus "devastating."

A wallet address starting with GkGv was monitored spending 910,000 USD to buy RTR at its peak, only to sell all holdings for 18,000 USD four hours later, resulting in a loss of 890,000 USD.

KOL Iced reported a loss of 7 million USD on RTR, which was all of his savings, leaving him with only 30 SOL now.

Community user DANNYCRYPT shared a photo of his injured hand and a smashed computer screen, captioning, "I used my life savings to buy $RTR. Now I know, I will never use cryptocurrency again. I will never deposit even 1,000 USD on Phantom. This damn scam."

Many high-probability meme KOLs also suffered losses on RTR, with meme whales losing tens of thousands of dollars. One address starting with j9 p1 lost 920,000 USD on RTR.

Did anyone make money on RTR? BlockBeats attempted to find those "lucky survivors."

Some traders sell their holding tokens through the process of adding to one-sided liquidity pools, so the trading data reported by different tools varies. In the trader profit ranking shown by gmgn, the trader with the highest profit on RTR only made 9,177.15 USD, with a return rate of only 14.89%. These profits were generated from their bargain-hunting operations after RTR went to zero.

On NFT Sniper, a trader marked as GP5 Ymu achieved a 106% profit on RTR, earning 16,000 USD after selling all tokens at the peak, which is considered a relatively lucky trader.

Many traders who were on the verge of getting rich saw their dreams shattered. A wallet address starting with DDtK once had a floating profit of 1.55 million USD on RTR, but a few hours later turned into a loss of 80,000 USD.

Around 8 AM today, RTR briefly surged over 270%, with its market cap rising from 7.7 million USD to about 36.5 million USD, but quickly returned to the bottom, with the current market cap at 7.47 million USD. Now, RTR is no longer visible on the meme hot list. Will there be another "official Trump coin" to appear?