Trump-Linked Token Crashes Over 95% After Brief $60M Surge
A Solana-based token called Trump Digital Gold (GOLD) briefly surged past $60 million in market capitalization after being promoted by an X account linked to Donald Trump, but collapsed more than 95% within minutes of the promotional post being deleted.
The token's value skyrocketed when the post, which garnered around 400,000 views, triggered a buying frenzy. However, the rally was short-lived as the market cap plummeted from $55 million to near $1 million in roughly 30 seconds after the post was removed.
A blockchain analytics firm, Lookonchain, detailed a supply structure that raised red flags. The developer retained 600 million tokens, while 15 newly created wallets spent $18,657 to acquire 224.5 million GOLD, representing about 82.45% of the total supply.
The same 15 wallets later offloaded their entire holdings for 3,178 SOL, worth approximately $330,000 at the time, netting around $312,000 in profit, a return of roughly 17 times the initial outlay in under an hour.