TL;DR
- The Kanpai Pandas NFT collection experienced a 45% drop in its floor price due to the promotion of a Trump-themed token, which was disavowed by the Trump family.
- The Restore the Republic (RTR) token plummeted 95% after the Trump family denied any involvement with the project, leading to negative reactions from the community.
- The floor price of Kanpai Pandas is currently at 0.4749 ETH, with significant drops in recent days and high trading volume.
The Kanpai Pandas non-fungible token (NFT) collection has been at the center of a media and financial storm.
This controversy has arisen from its team’s promotion of a Donald Trump-themed token known as Restore the Republic (RTR).
This token, which was presented as an “official” Trump token, was quickly disavowed by the Trump family, particularly by Eric Trump, who denied any connection of the family with the project.
This disavowal had a devastating effect on the market, causing a 95% drop in the token’s value.
The repercussions of this scandal were not limited to the RTR token.
The Kanpai Pandas NFT collection also suffered a significant drop in its floor price, which decreased by 37.44% in a single day and 40.13% over the last week, reaching a low of 0.42 ETH before slightly stabilizing at 0.4749 ETH.
The trading volume was considerable, with a daily volume of 390.92 ETH and a weekly volume of 508.98 ETH.
This type of volatility is unusual and reflects the market’s sensitivity to controversies and public perception.
The NFT community, known for its loyalty and commitment, reacted quickly.
Many members pointed fingers at “Ice Bagz,” the founder of Kanpai Pandas, and his team for promoting the RTR token on social platforms like X (formerly Twitter).
Screenshots shared by users like “Legacy Ape” show team members promoting the token before any official statement from the Trump family, leading to distrust and criticism of their management.
Impact of Kanpai Pandas on the NFT Community
“Ice Bagz’s” response to the controversy was vague, thanking those who “sent love” during the scandal without directly addressing the criticisms.
This lack of clarity and transparency has led some community members to accuse the team of playing the “confused victim card” after allegedly making large sums with the RTR token.
These accusations reflect the frustration and discontent of a community that feels deceived by those they trusted.
The incident has raised questions about ethics in promotion and the responsibility of leaders in the NFT space.
As the market continues to evolve, expectations for transparency and integrity in project promotion have intensified.
Incidents like Kanpai Pandas highlight the need for greater oversight and regulation within the NFT market to protect investors and maintain trust in the ecosystem.
Despite the current challenges, the future of the Kanpai Pandas collection and its team will depend on their ability to rebuild trust and demonstrate a renewed commitment to transparency.
The lesson for everyone in the NFT space is clear: trust is fundamental and must be protected through honest and responsible practices.
As the market recovers, it remains to be seen how this scandal will affect the long-term perception and value of NFT collections associated with such public controversies.
