GOLD Token Crashes Nearly 99% After Trump-Linked Promotion

A token called GOLD, linked to Trump Digital Gold, crashed nearly 99% after its market capitalization briefly reached $66 million. The token's peak came after a promotional post on X from an account associated with a Trump merchandise collaboration.

The wallets controlling 82.45% of the Solana token's supply sold their holdings for about $1.01 million, according to EmberCN. This cluster of connected addresses had collectively controlled 824.54 million GOLD tokens through a combination of pre-allocation and purchases made shortly after trading began.

The concentration of supply left buyers exposed to sales from the small wallet group. Once the holders of more than four-fifths of the supply exited, the token had few buyers capable of absorbing the volume entering the market.