Trump Digital Gold Token Implodes After Frenzied 99% Crash
The Solana-based Trump Digital Gold (GOLD) token experienced a sudden and dramatic crash after its market value surged to nearly $60 million following a promotional post on X from an account claiming connections to the Trump Organization's merchandise business.
The post, made by realtrumpcoins1, claimed that the Trump Foundation backed the token. Although this claim was not confirmed as an official endorsement, it may have added to the token's appearance of legitimacy due to its connection to Donald Trump's main X account.
Traders quickly bought into the token, sending its market value skyrocketing from almost nothing to nearly $60 million within two hours. However, this rally was short-lived.
After reaching its peak, the promotional post was deleted, and the GOLD token began to plummet. Its market value dropped over 99% in just a few minutes, falling from around $60 million to roughly $600,000.