Meme Coin Meltdown: Trump-Linked GOLD Crashes 95% in Minutes
A newly launched meme coin called Trump Digital Gold (GOLD) on Solana attracted millions of dollars in trading activity after its promotion on a Trump-linked X account.
The promotion by @realtrumpcoins1, associated with an official Trump collectible business, raised red flags for on-chain sleuths, but it didn't deter traders from investing.
Data showed that the developer controlled 600 million tokens and 15 newly created wallets spent $18,657 to acquire another 224.5 million coins, controlling nearly 82% of the supply.
Despite these concerns, one trader lost over $62,000 in just seven minutes chasing GOLD near its peak.
The situation quickly deteriorated as promotional posts disappeared from the Trump-linked account, leading to suspicions that it had been compromised.
GOLD plunged by 95% in a single minute, with its market cap plummeting to under $2 million and then further dropping to $600,000.