Trump Digital Gold Token Implodes in $60M Crash
The Solana-based Trump Digital Gold (GOLD) token suffered a catastrophic collapse of over 99% after traders accused the project of a rug pull. The incident began on August 29, 2026, when an X account linked to the Trump Organization's merchandise business posted about the launch of GOLD and claimed that it was backed by the Trump Foundation. This claim was not confirmed as an official endorsement.
The post quickly went viral, with traders rushing into the token. Within two hours, GOLD's market value skyrocketed from almost nothing to nearly $60 million. However, the rally was short-lived, and soon after reaching its peak, the promotional post was deleted, and the token began to plummet.
GOLD's market value dropped from around $60 million to roughly $600,000 in a few minutes. On-chain data showed that 82.45% of the total GOLD supply was held across insider wallets. Following the crash, 15 newly created wallets sold around 224.5 million GOLD tokens through decentralized exchanges.
The sales generated approximately $330,000 in SOL. The deletion of the promotional post and concentrated token supply fueled accusations that the launch was a coordinated rug pull. Eric Trump had earlier warned that unauthorized tokens claiming links to the Trump family should be treated as fraud.