Trump-Linked Meme Coin Implodes After Team Rugs $330K

A new Solana token called Trump Digital Gold (GOLD) collapsed on August 29 after its team sold nearly $330,000 worth of tokens. The token was promoted through an account linked to the Trump Organization, which claimed it would use trading fees for buybacks and elevate it into major cryptocurrencies.

On-chain data revealed that the developer held a substantial allocation of the token, while 15 newly created wallets spent about $18,700 to acquire additional tokens. This represented over 82% of the total supply.

The team sold their entire position of 224.5 million tokens, receiving 3,178 SOL valued at approximately $330,000 and realizing a profit of around $312,000.