Trump Digital Gold Token Implodes by Nearly 99% in 30 Seconds
A cryptocurrency called Trump Digital Gold (GOLD) appeared on Solana's blockchain and briefly reached a market capitalization of $66 million before plummeting by nearly 99% in just 30 seconds.
The token's value collapse was attributed to the coordinated selling of a concentrated group of addresses, which liquidated their positions and converted them into approximately $1.01 million in Solana.
An X account with verification status and ties to Trump merchandise promoted the cryptocurrency, although no Trump family authorization existed for the project.
This incident follows a pattern of politically themed token collapses on the Solana network, with one analyst noting that it bears similarities to previous incidents where concentrated ownership and swift liquidations have led to value crashes.