A cryptocurrency whale has lost nearly $900,000 in just four hours trading a meme-inspired cryptocurrency after spending around 5,800 SOL worth $916,000 to buy into the Trump-inspired cryptocurrency Restore the Republic ($RTR).
According to on-chain analytics firm Lookonchain, the whale bought 7.2 million RTR tokens at their highest price over fear of missing out but ended up selling their entire holdings after the price of the cryptocurrency crashed. They managed to cash out just 113.3 SOL worth around $18,000, to realize a loss of $898,500.
As CryptoGlobe reported, the token saw its price plunge by a whopping 95% after the son of U.S. Presidential candidate Donald Trump, Eric Trump, denied the token was associated with the family.
The denial came in response to a now-deleted post on the microblogging platform X (formerly known as Twitter) from the account of Students for Trump chair Ryan Fournier, who suggested it was officially associated with the presidential candidate.
The denial saw the price of the token, which had initially skyrocketed to a high above the $0.15 mark, plunge to now trade at next to nothing with next to no trading volume as traders lost interest.
Notably, the developers behind the cryptocurrency seem to have managed to make over $5 million in just six hours from the cryptocurrency, before the denial was issued and the value of RTR plunged.
This is notably not the first Trump-inspired cryptocurrency to have been launched and that saw its price plunged. Earlier, a cryptocurrency called TrumpCoin (DJT) also saw a 95% drop during the recent cryptocurrency market crash.
Earlier, an Ethereum-based token MAGA saw an exponential surge, however, after the failed assassination attempt on the former U.S. President that temporarily saw his chances of being elected skyrocket.
Featured image via Pixabay.
