Trump Digital Gold Token Implodes After Hyped Promotion on Solana
A Solana token called Trump Digital Gold (GOLD) suffered a catastrophic collapse after being promoted by a verified merchandise account affiliated with Donald Trump. The token initially rose to above $50 million in market value but plummeted to near $770,000 within hours.
The promotion was made through the @realtrumpcoins1 account, which has 42,300 followers and is described as an official Trump Organization partner. Eric Trump had previously rejected rumors of a new coin launch, stating that no one was launching any kind of coin and describing such claims as fraudulent.
The team behind GOLD held a significant amount of tokens, with 600 million GOLD tokens in their possession. Shortly after the promotion, 15 newly created wallets spent $18,657 to buy another 224.5 million tokens, bringing their combined share to 82.45%.
However, those same 15 wallets sold their holdings for 3,178 SOL, worth around $330,000, just 30 minutes later. This left late buyers with significant losses as they absorbed the selling pressure.