Trump Digital Gold Token Implodes on Solana, Leaving Investors in the Red

A token named Trump Digital Gold (GOLD) emerged on the Solana network, reaching a $66 million valuation before plummeting 99% in approximately 30 seconds. The collapse occurred after addresses holding 82.45% of total supply liquidated their positions for about $1.01 million worth of Solana.

The token was promoted by a verified X account that boasts over 42,000 followers and claims official partnership status with the Trump Organization. However, Eric Trump publicly dismissed rumors of a new token launch just seven days prior, labeling such claims fraudulent.

This incident follows a pattern of politically themed token collapses on Solana. The SEC has cautioned that scammers exploit social media campaigns to pump token values before liquidating their positions.