Trump-Backed GOLD Token Implodes on Solana Amid Scam Fears

A token called GOLD, promoted by Real Trump Coins, collapsed on Solana within hours of its launch. The incident has raised concerns about the token's legitimacy and whether the brand's social accounts or website were compromised.

The token was advertised as 'Trump Digital GOLD' on X before being deleted from the platform, despite the website continuing to promote it. Lookonchain flagged the launch, alleging that the team behind the token controlled a large portion of the supply and used newly created wallets to dump holdings shortly after launch, causing the token's value to plummet.

The developer held 600 million GOLD while 15 newly created wallets spent $18,657 to buy an additional 224.5 million tokens. Lookonchain warned that the team 'currently controls 82.45% of the total supply,' advising traders to exercise caution.