Trump Digital Gold Token Crashes by 99% in Rug Pull Suspected
A token called Trump Digital Gold (GOLD) on the Solana blockchain has collapsed by over 99% within hours, sparking suspicions of a rug pull. The token's market cap surged to nearly $60 million after an aggressive promotional campaign was broadcast from an X account affiliated with Trump Organization merchandise. However, this account had been compromised, and the project's developers likely liquidated their positions at the peak.
The use of the Trump name has become a powerful tool for crypto scammers, who have exploited the brand's notoriety in various projects since 2025. The GOLD token follows this pattern, with an added layer of sophistication: the use of an apparently legitimate X account to lend credibility to the launch.
The incident highlights the risks of political tokens and memecoins on Solana, where malicious actors can create, promote, and exit a token in under an hour due to the lack of regulation. Investors are warned that no celebrity name is a guarantee of legitimacy, and verifying the token contract and liquidity status remains crucial.