Trump-Linked Token Collapses Hours After Launch
The Solana-based token 'Trump Digital GOLD' promoted by Real Trump Coins collapsed within hours of its launch, sparking questions about its legitimacy and who was behind it.
Real Trump Coins, a brand endorsed by former US President Donald Trump in September 2024, touted the GOLD token on X before deleting related posts on Saturday. The company's website continued to promote GOLD, advertising a 4% trading fee and pledging to use 99% of trading fees to buy back the token.
The launch has raised concerns about the token's legitimacy, with some speculating that Real Trump Coins may have been compromised. Lookonchain reported that the developer held 600 million GOLD while 15 newly created wallets spent $18,657 to acquire another 224.5 million tokens, resulting in an 82.45% concentration of total supply.
The token's value subsequently plummeted, with its market capitalization falling from about $50 million to $500,000 at the time of publication, according to DEX Screener. Lookonchain estimated that the wallets made a $312,000 profit, or roughly 17 times their initial investment.