Trump-Linked GOLD Token Implodes After Developer-Controlled Wallets Sell Bulk Holdings

A Solana-based token called Trump Digital Gold (GOLD) crashed after its market capitalization peaked at around $66 million on Saturday, dropping to roughly $700,000 within hours. The token's value plummeted by about 99% due to the sale of a significant portion of its supply by wallets associated with the developer and newly created wallets.

According to on-chain data, these addresses controlled more than 82% of the token's one-billion-unit supply before selling their holdings for Solana (SOL) worth approximately $1.01 million. The largest price break occurred when promotional posts from the Real Trump Coins X account were deleted, prompting a rapid decline in market capitalization.

The episode raises questions about the legitimacy of the GOLD token and its connection to President Donald Trump's brand. While the Trump Organization has licensed its name and image for use with certain digital assets, there is no public announcement or evidence that GOLD was an official token.