Trump-Linked Brand's Token Collapses Hours After Launch
A token promoted by Real Trump Coins, a brand publicly endorsed by US President Donald Trump in September 2024, collapsed shortly after its launch on Solana. The 'Trump Digital GOLD' token was touted on X and advertised on the Real Trump Coins website with a 4% trading fee, promising to use 99% of those fees to buy back the token.
According to blockchain analytics platform Lookonchain, developer wallets controlled 82.45% of the total supply, sparking concerns over legitimacy. The 15 newly created wallets linked to the team spent $18,657 to acquire another 224.5 million tokens before selling all of them for about $330,000.
The token's market capitalization plummeted from around $50 million to $500,000, with Lookonchain estimating a $312,000 profit for the wallets involved.