Trump Tied Solana Token Implodes After Team Rugs $330K
A Solana token tied to the Trump Organization collapsed on August 29 after its team sold a significant portion of its supply, reaping approximately $330,000.
The token, called Trump Digital Gold (GOLD), was promoted through an account associated with official Trump-branded collectible coins and medals. The account, realtrumpcoins1, presented itself as connected to the Trump Organization and described the token as a digital gold initiative that would use trading fees for buybacks.
On-chain data showed that the developer held a substantial allocation of tokens, while 15 newly created wallets spent about $18,700 to acquire additional tokens. Together, these holdings represented more than 82% of the total supply.
The team then 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. The price of the token fell more than 95% within hours, leaving it with a market value well below $1 million.