Trump-Linked Token GOLD Implodes After Launch, Raises Red Flags Among Traders
A Solana token linked to Donald Trump's brand collapsed shortly after its launch, raising questions about insider control and potential manipulation. The token, named GOLD, was marketed through Real Trump Coins, a brand that has been associated with Trump since September 2024. According to blockchain analytics firm Lookonchain, the developer controlled approximately 82.45% of the total supply at launch.
Lookonchain's analysis revealed that a group of 15 newly created wallets acquired large amounts of GOLD and then sold all tokens shortly afterward, netting profits of around $312,000, about 17 times their initial investment. The token's market capitalization dropped from roughly $50 million to about $500,000 within hours, sparking concerns among traders.
The Real Trump Coins website continued to promote the token despite social media posts being deleted, further fueling speculation about what happened behind the scenes. Some community members and analysts believed the X account was compromised, while others thought the token's development team had acted against their own interests.