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Crypto

Trump-Backed Token GOLD Implodes After Rapid Price Collapse

Guavy AI Editorial Team
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SOL
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US President Donald Trump promoted a Solana token called GOLD under his brand Real Trump Coins. The token's launch was quickly marked by a rapid price collapse, with its market capitalization plummeting from $50 million to around $500,000 within hours.

The incident has raised questions about the legitimacy of the token and whether Real Trump Coins' social accounts or website were compromised.

Blockchain analytics firm Lookonchain reported that the team behind GOLD controlled a large portion of the supply and used newly created wallets to dump holdings shortly after launch, causing the price to drop.

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