The dream of getting rich in 6 hours was shattered, and the fake Trump meme coin RTR staged a battle royale on the chain

Last night and this morning, the meme market staged an "on-chain battle royale" with a transaction volume of over $100 million.

At around 9 o'clock last night, RTR, which was rumored by the community to be "Trump's official meme coin", opened on Solana. Its market value exceeded $10 million in 15 minutes, and then increased 12 times in three hours, with a peak market value of $155 million.

Immediately afterwards, RTR staged perhaps the fastest market value evaporation rate in the recent meme market, from $150 million to $8 million in just two hours, and in the 15 minutes after 1:50 a.m., RTR's market value decreased by nearly $70 million.

The story of RTR began with Ryan Fournier, the chairman of Trump’s fan organization “TrumpStudents”, who has now deleted all promotional tweets about the token. According to screenshots circulating in the community, Ryan Fournier released the contract address of the token $RTR “Restore the Republic” last night, and said that “there are rumors that the official Trump token has been released... called “Restore the Republic””.

Now, in fact, there has been a precedent of the “Trump official token” DJT that has been exposed before. For related reports, see “$DJT is popular, did Trump issue a coin? ”. The source of RTR being called "Trump's official token" is even more single than DJT. This scam was easy to identify. After Ryan Fournier posted the tweet, many people immediately expressed doubts.

For example, AltOnChain posted a tweet around 10 pm last night, saying, "After a lot of on-chain research, I can 100% confirm that $RTR has 100% nothing to do with the Trump family. It's just another random Trump concept coin. Don't be fooled by those idiot KOLs who hype it as Trump's official token. They will wait for you to take over."

This tweet did not stop the enthusiastic meme players, and RTR doubled in the next two hours.

In the meme market where "heat is the password", players assume that all news memes will return to zero, but this does not prevent them from getting high returns during the rise. Two days ago, Trump's second son Eric Trump and Trump's eldest son Donald Trump Jr both expressed their strong interest in DeFi on Twitter, asking the community to wait for their "major announcement". Therefore, despite the lack of more sources to testify, a large number of people are willing to pay for RTR's hype expectations.

RTR began to fall when its market value reached US$150 million, falling nearly 50% in 1 hour. And the final blow to RTR, which caused its market value to evaporate by US$70 million in 15 minutes, was the response of the "real owner".

Eric Trump tweeted at 1:56 a.m., "Friends: Beware of fake money! Trump's only official project has not yet been announced! You will hear it from me first."

Four minutes later, Donald Trump Jr. also tweeted "I love the crypto community's support for Trump. It's 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 to everyone. Don't be fooled - please pay attention to the real agreement."

Three minutes after Donald Trump Jr.'s tweet, RTR's market value fell to around 8M US dollars, a 90% drop in fifteen minutes.

It took less than 6 hours from the launch of RTR to the market value exceeding 150 million and then to the "zero" after being cracked down on counterfeiting. During these six hours, RTR's trading volume exceeded $100 million, and many traders suffered huge losses.

Almost "no one survived"

Cases like RTR that attracted huge liquidity in a short period of time and then quickly collapsed are rare in the current meme market. Generally speaking, most meme coins that have skyrocketed and plummeted have a small market value and can accommodate limited liquidity. Therefore, even if "high-level takeovers" are made, traders will not lose too much.

But on RTR, its circulating market value once reached $150 million, and there were many large traders who spent hundreds of thousands of dollars, and the impact of the RTR collapse was also "tragic".

A wallet address starting with GkGv was monitored to spend $910,000 to buy RTR at a high point, and sold all its holdings at $18,000 four hours later, losing $890,000.

KOL Iced said that he lost $7 million on RTR, which was all his savings, and now only has 30 SOL left.

Community user DANNYCRYPT posted photos of his injured hand and a smashed computer screen, with the caption "I bought $RTR with my life savings. Now I know, I will never use cryptocurrency again. I will never deposit even $1,000 on Phantom. This damn scam."

Many meme KOLs with a relatively high winning rate also suffered losses on RTR. The losses of meme big holders were tens of thousands of dollars. Among them, the address starting with j9p1 lost $920,000 on RTR.

Who made money on RTR? BlockBeats tried to find those lucky ones who "escaped death".

Some traders will sell their holdings through the process of adding a one-sided liquidity pool, so the transaction data counted by different tools are different. In the trader profit ranking shown by gmgn, the trader with the highest profit on RTR only earned $9,177.15, with a yield of only 14.89%. These profits were generated by his leak-picking operation after RTR returned to zero.

On NFT Sniper, the trader marked as GP5Ymu earned 106% on RTR and earned $16,000. He sold all the tokens at the high point, which is considered a relatively lucky trader.

Many traders have their dreams of getting rich come true but then shattered. Meme player @kkashis_yt detected that a wallet address starting with DDtK had a profit of $1.55 million on RTR, but turned into a loss of $80,000 a few hours later.

At around 8 am today, RTR briefly rose by more than 270%, with its market value rising from $7.7 million to around $36.5 million, but soon returned to the bottom, with a current market value of $7.47 million. Now, RTR is no longer on the meme hot list, will there be another "Trump official coin"?

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