Trump Digital Gold Crashes 98% in Hours After Launch on Solana
A new cryptocurrency called Trump Digital Gold (GOLD) launched on Solana (SOL) and immediately crashed by 98% in just a few hours.
The token's market value peaked at over $50 million early in the day, but it now sits at around $770,000, according to DexScreener.
The launch was promoted by a verified merchandise account that Donald Trump follows on social media, which gave the pitch significant weight.
However, blockchain analytics firm Lookonchain discovered that the developer held 600 million GOLD, while 15 new wallets spent $18,657 on another 224.5 million tokens, controlling around 82.45% of the supply.
The same 15 wallets later sold their entire holdings for approximately $330,000 worth of Solana's native token, leaving late buyers with significant losses.