Kanpai Pandas NFTs Drop 45% Following Trump Token Controversy
The floor price of Kanpai Pandas NFTs plummeted by 45% amid allegations that the project team promoted a Trump-themed token named Restore the Republic (RTR), which was later disavowed by the Trump family. On August 9, data from Blur showed the price dropped from 0.775 ETH to 0.42 ETH in just 24 hours, eventually recovering slightly to 0.46 ETH. The controversy erupted when Eric Trump denied any connection between the Trump family and the RTR token, causing a 95% crash in its value. Community backlash ensued, targeting members of the Kanpai Pandas team, particularly its founder, Ice Bagz, who had promoted the token on social media. As a result, the project’s reputation and value suffered significantly.
Bearish
The news of the Kanpai Pandas NFTs’ price plunge, stemming from the Trump token controversy, introduces significant negative sentiment in the market. The allegations and subsequent denial by the Trump family led to a sharp decline in both the RTR token and Kanpai Pandas NFTs. This kind of controversy typically undermines trader confidence and results in liquidity issues, impacting short-term market stability negatively. Historically, similar controversies have led to extended periods of decreased investor confidence and trading volume.