Solana's Trump Digital GOLD Token Collapses Amidst Unauthorized Promotion Scandal
A Solana cryptocurrency called Trump Digital GOLD token collapsed after wallets controlling more than 82% of its supply sold their holdings, worth approximately $1.01 million.
The Real Trump Coins brand, a licensed Donald Trump merchandise operation, denied authorizing the launch or promotion of the token, blaming unidentified 'third-party bad actors.'
The warning signs were visible on-chain almost immediately, with 600 million GOLD held by the token developer and another 224.5 million tokens acquired by newly created wallets controlling approximately 82.45% of total supply.
GOLD had briefly reached an estimated market capitalization of roughly $66 million before losing about 99% of its value in a matter of seconds, with one account placing the fall from approximately $55 million to $1 million at around 30 seconds as concentrated wallets exited.