Kanpai pandas NFTs plunge 45% amid Trump token controversy

The Kanpai Pandas non-fungible token (NFT) collection suffered a floor price drop following the team’s alleged involvement in promoting a Donald Trump-themed token called Restore the Republic (RTR).

On Aug. 9, data from the NFT marketplace Blur showed that the floor price of the Kanpai Pandas collection dropped by 37.44% in 24 hours and 40.13% in the last seven days. The floor price went down from 0.775 Ether (ETH) on Aug. 8 to a low of 0.42 ETH on Aug. 9, representing a 45% decrease.

The floor price currently sits at 0.46 ETH, worth $1,220.

The collection’s floor price drop has been widely attributed to its founder, “Ice Bagz,” and its team members allegedly promoting the RTR token, which purported to be an “official” Trump token. However, Donald Trump’s son Eric Trump firmly denied the token’s connection with the family.

Cointelegraph reached out to Kanpai Labs for comments but did not get an immediate response.

Kanpai Pandas team face community backlash

After the Trump family denied involvement with the RTR token, the price crashed 95%. Because of this, the community went after members of the Kanpai Pandas team who had been seen promoting the token on X before there were any official statements from Trump.

An X user called “Legacy Ape” shared screenshots of the Kanpai Pandas team members promoting the token on X. On the other hand, another community member shared a screenshot alleging that Kanpai Labs was behind the token’s Google advertisements.

Kanpai Pandas founder’s response

Following the Trump family’s denial of their involvement with RTR, Ice Bagz, the founder of Kanpai Pandas, posted a vague response to Donald Trump Jr.’s X post and thanked people who “sent love” amid the controversy.

A community member responded to Bagz, saying he had told his followers to buy before the tweet and had hurled insults toward the Kanpai Pandas founder. Another X user said that Bagz and his team are now playing the “confused victim card” after allegedly making millions.

Meanwhile, an X user reacted by sharing a note: “Don’t be a scammer if you’re already building a successful project.”