PolitiFi tokens based on presidential candidates rally as “fake” Trump token declines over 90%
- "Fake" Trump-themed token RTR declined 90% after alleged insider wallets withdrew over $5 million worth of its supply.
- PolitiFi meme coins themed after candidates Donald Trump and Kamala Harris rallied.
- Polymarket data shows that Donald Trump leads in presidential race odds after a brief tie with Kamala Harris.
Political meme coins based on presidential candidates Donald Trump and Kamala Harris rallied on Thursday as Polymarket data shows heavy competition among supporters. Meanwhile, a recently launched token, RTR, themed after Donald Trump, drew the attention of crypto community members after declining over 90%.
Kamala and Trump-themed tokens surge amid RTR’s dump
PolitiFi meme coins based on Republican and Democrat nominees Donald Trump and Kamala Harris rallied on Thursday as both parties saw their odds on the prediction market Polymarket rise as the upcoming presidential election draws closer.
Kamala Horris (KAMA) and Super Trump (STRUMP) increased by 48% and 21%, respectively. The uptick in the tokens' prices comes after Kamala Harris briefly tied Donald Trump in Polymarket odds for the potential election winner. However MAGA (TRUMP) is down nearly 9%.
Both nominees were at loggerheads on Polymarket, tied at 49% before Trump regained the upper hand at 50%. However, the Democrat nominee still sees increased support from bettors, as voters anticipate a possible debate between the candidates in September.
Meanwhile, RTR, another Trump-themed token, has garnered the crypto community's attention after an alleged rug pull following a dump from insider wallets. The meme coin was created earlier today and funded by certain wallets with $882K worth of SOL, Lookonchain data reveals.
After the token rallied briefly, the wallets quickly sold their holdings, shedding 92.77M RTR for 31,994 SOL worth $5.05 million and making a profit of 26,414 SOL worth $4.17 million.
5 Insider Wallets Earned Over $4M on $RTR in Just 6 Hours!$RTR is a new #MEMEcoin created 6 hours ago.
— Lookonchain (@lookonchain) August 8, 2024
5 wallets spent ~5,580 $SOL($882K) to buy 104.64M $RTR the first time $RTR opened trading, and sold 92.77M $RTR for 31,994 $SOL($5.05M), making 26,414 $SOL($4.17M).
These 5… pic.twitter.com/oAEZFeYE39
The RTR token had already garnered $150 million in volume before Donald Trump’s son Eric Trump, the executive vice president of the Trump Organization, dissociated the former president's campaign from the meme coins. "Beware of fake tokens! The only official Trump project has NOT been announced! You will hear it here first," Eric wrote on X.
RTR plummeted over 90% following the announcement. IceBagz, co-founder of Kanpai Pandas NFTs, is allegedly behind RTR's creation, wrote JupiterSlorg in an X post.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi
