GOLD Token Collapses 99% After Trump-Linked Social Media Post
A Solana-based token called GOLD crashed nearly 99% from its peak after being promoted on social media by an account linked to President Donald Trump. The token's market cap briefly reached $66 million before plummeting to just over $1 million in about 30 seconds.
The collapse of GOLD was triggered by the sale of 82.45% of the token's supply, which was controlled by a group of connected wallets. According to on-chain analyst EmberCN, these wallets sold their holdings for approximately $1.01 million worth of Solana tokens.
The promotion on social media was made by an account using the handle @realtrumpcoins1, which is associated with a Trump merchandise collaboration. However, it's unclear whether this connection to Trump or his organization is genuine.
This incident follows a familiar pattern in the crypto space, where tokens with concentrated ownership and social media promotion can lead to pump-and-dump schemes.