GOLD Altcoin Price Plummets After Trump-Linked Social Media Post
A new altcoin called GOLD was launched on the Solana ecosystem with the theme 'Trump Digital Gold' after an official social media account linked to Donald Trump announced it. The token's price skyrocketed in a short period, reaching a market capitalization of over $60 million within two hours of its launch.
However, the price subsequently declined rapidly, falling by over 95% in just one minute from around $36 million to approximately $1.8 million. After the initial promotional post was deleted, the token's market value dropped further to around $600,000.
The cryptocurrency community raised suspicions about the authenticity of the launch and the account may have been hacked. Israeli media reports linked the attack to Iranian hackers, citing a previous broadcast by Iranian state television discussing ways to contact Donald Trump's son, Barron Trump.
On-chain data showed that 15 new wallets allegedly linked to the project sold a total of 224.5 million GOLD tokens, yielding approximately $330,000 at the time of the transaction. These addresses still hold a significant amount of GOLD tokens, indicating concentrated token supply.