Kanpai Pandas NFTs floor price dives 45% after token endorsement scandal

The Kanpai Pandas NFT collection price fell by 37.44% in 24 hours and by 40.13% over the last seven days. According to data from the NFT marketplace Blur, the price dropped from 0.775 ETH on August 8 to a low of 0.42 ETH on August 9, marking a 45% decrease.

The Kanpai Pandas NFT collection price currently stands at 0.46 ETH, valued at $1,220. The recent price decrease follows allegations that the creators promoted Restore the Republic (RTR), a token themed around Donald Trump, which the Trump family subsequently disavowed.

Source: Blur

The community blamed the Ice Bagz CEO and his team for the decrease in the price of the collection. They allegedly promoted the RTR token, which was supposed to be an “official” Trump token. However, Donald Trump’s son, Eric Trump, has strongly denied any connection of the token to the Trump family.

Kanpai Pandas team faces criticism

The recently introduced token on Solana (SOL), named Restore the Republic, surged to a $155 million market value before plummeting by 95% on Thursday following a warning from the son of former President Donald Trump, indicating that his father does not possess an official token.

This led to the community targeting members of Kanpai Pandas who had previously promoted the token on X before Trump made any official statements.

whole kanpai cabal (@bagzybagz1321, @SizeChad, @RookieXBT, @buyerofponzi) misleading followers into the “official” trump coin $rtr when they launched it

thought bagz was one of the good ones? https://t.co/0YgW1c4M1k pic.twitter.com/HMY0TMKQXg

— Legacy (@LegacyApe) August 8, 2024

An X user named “Legacy Ape” shared screenshots showing members of Kanpai Pandas team promoting the token on X. Conversely, another community member shared a screenshot suggesting that Kanpai Labs was behind the token’s Google ads.

Earlier in the week, Ryan Fournier, a conservative advocate and student leader of Students for Trump, spread the word, claiming that “rumor has it that the official Trump coin is out…called Restore the Republic.” However, that tweet on X has since been removed.

Screenshot of a tweet by Ryan Fournier (X)

Ice Bagz responds amid growing controversy

After the Trump family denied their involvement with RTR, Ice Bagz, the founder of Kanpai Pandas, posted a vague reply to Donald Trump Jr.’s post on X, thanking those who “sent love” during the controversy. According to Kanpai’s creator, the Trump family picked the launch date and then “hard rugged them.”

DJT Coin’s current market cap (Source: DexScreener)

There was another incident last week involving another Trump-themed token. TrumpCon (DJT) made headlines when Martin Shkreli, an American investor, claimed that he and Donald Trump’s son Barron had established the token. However the token lost 90% of its value when a large holder dumped their tokens.