STRUMP Surges 15% As Donald Trump Jr. Announces New Crypto Platform To “Take On” Banks

Insidebitcoin2024/08/09 11:48

By:Insidebitcoin

The Super Trump (STRUMP) price surged over 15% in the last 24 hours to trade at $0.006652 as of 2:30 a.m. EST as Donald Trump Jr. reveals he is working on a new decentralized finance protocol that will “take on” the banking industry.

“I think there has been a lot of inequality in that only certain people can get financing,” Trump Jr. said in an Aug. 8 QA session on the subscription-based platform Locals. He added that the notion of decentralized finance is “very appealing” to him.

Donald Trump Jr. Says New Project Will Not Be A Meme Coin

Trump Jr. also said that the new project he is working on is not another meme coin . Instead, he is working on a “larger type platform” that’s very different from a light-hearted crypto. With regards to timelines, he did not give any clear indication of when the platform would launch. He did, however, say that it would be a “long time before we can do anything.”

Despite the Republican nominee’s son confirming that he is not working on a new meme coin, several tokens linked to the former President surged in the last 24 hours. Pepe (TRUMP), FreeTrump ($TRUMP) and Dark MAGA (DMAGA) were among the best 24-hour performers in the political meme coin sector.

Restore The Public (RTR) Dives 95%

Not all Trump-themed tokens had a successful trading session yesterday. A newly-launched token on the Solana blockchain by the name of Restore the Republic (RTR), rumored to be the official token of the former President, saw its market cap balloon to $155 million.

The token’s value then plummeted 95% on Aug. 8 after Eric Trump warned that his father does not yet have an official token. A handful of early investors were, however, still able to walk away with substantial profits.

On-chain data from Lookonchain revealed that 5 wallets belonging to early investors, or insiders, made $4 million in profits in just 6 hours with the token’s meteoric rise and subsequent plunge.

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