Trump Digital Gold Token Plummets 99% After Promotional Post

The Trump Digital Gold Token on Solana plummeted by more than 99% after its promotion through an X account linked to a merchandise business associated with the Trump Organization. The token's value rose from nearly zero to around $60 million in just two hours following the promotional post, but dropped to approximately $600,000 within minutes.

The project has raised questions about whether it was a rug pull, as there is no official confirmation of its authenticity. Eric Trump had previously warned against unauthorized tokens that may be linked to the Trump family.

On-chain information revealed that 82.45% of all tokens in circulation were controlled by insider wallets. After the price drop, 15 recently created wallets sold 224.5 million GOLD coins through decentralized exchanges, making around $330,000.