Kanpai Pandas NFT Floor Price Plummets Amid Controversy Over Trump-Themed Token Promotion

Kanpai Pandas NFT Floor Price Plummets Amid Controversy Over Trump-Themed Token Promotion

The Kanpai Pandas NFT collection experienced a significant drop in its floor price following allegations that the team was involved in promoting a Donald Trump-themed token, “Restore the Republic” (RTR).

On August 9, data from the NFT marketplace Blur revealed that the floor price of the Kanpai Pandas collection had plummeted by 37.44% in just 24 hours, and by 40.13% over the past week. The price had fallen from 0.775 Ether on August 8 to a low of 0.42 ETH on August 9, marking a sharp 45% decline. As of now, the floor price stands at 0.46 ETH, approximately $1,220.

This sharp decline in value has been largely attributed to the actions of the collection’s founder, “Ice Bagz,” and his team, who allegedly promoted the RTR token, which claimed to be an “official” Trump token. However, this claim was firmly denied by Eric Trump, the son of Donald Trump, who stated that the token had no connection with the Trump family.

Despite reaching out to Kanpai Labs for a comment, Cointelegraph did not receive an immediate response.

Community Backlash Against the Kanpai Pandas Team

Following the Trump family’s disavowal of the RTR token, its value crashed by 95%. This led to a wave of backlash from the community, who targeted members of the Kanpai Pandas team for their involvement in promoting the token on X, formerly known as Twitter, before any official statements from the Trump family were released.

One X user, known as “Legacy Ape,” shared screenshots of Kanpai Pandas team members promoting the RTR token. Another community member claimed that Kanpai Labs was responsible for the token’s Google ads.

Founder’s Response to the Controversy

In the wake of the Trump family’s denial, Kanpai Pandas founder Ice Bagz posted a cryptic response to a tweet from Donald Trump Jr., expressing gratitude to those who had shown support during the controversy.

However, the response did little to quell the anger within the community. One member accused Bagz of encouraging his followers to buy the token before the Trump family’s denial, while others criticized him and his team for allegedly playing the “victim” after profiting from the situation.

Another user summed up the community’s sentiment with a simple note: “Don’t be a scammer if you’re already building a successful project.”