GOLD Token Promoted by Trump Account Crashes After Developer Wallet Sells
A Solana token called GOLD peaked at $66 million after a Trump-linked merchandise account promoted it, but the wallets behind the hype sold their holdings for over $1 million.
The verified X account tied to Trump-branded coins posted a contract address for GOLD on Saturday morning, prompting a market value increase. However, the token's developers and a group of 15 newly created wallets controlled 82.45% of the supply before buyers rushed in.
A developer wallet held 600 million GOLD from the start, while the 15 fresh wallets spent $18,657 buying another 224.5 million tokens after trading opened. The selling began around 11:48 a.m., and the full sell-off was finished by about 2 p.m.
The crash was brutal because the setup was obvious, with the developer wallet and the 15 wallets controlling most of the supply before buyers arrived. When the group sold their tokens for SOL, they made around $312,000 in profit.