Trump Digital Gold Token Implodes After 99% Price Drop
A token called Trump Digital Gold (GOLD) was created on the Solana network and quickly gained traction after being promoted by an account associated with Trump merchandise.
The account, @realtrumpcoins1, had over 42,000 followers and claimed to be an official partner of the Trump Organization. However, no Trump family member has publicly endorsed or acknowledged the token.
Despite this, the token's market capitalization reached $66 million before plummeting 99% in approximately 30 seconds due to coordinated selling by a handful of wallets holding the majority of tokens.
The wallets, which controlled 82.45% of the total supply, liquidated their positions and netted around $1.01 million worth of Solana (SOL). This is reminiscent of previous Solana token scams that followed a similar pattern of concentrated ownership and social media hype.