Trump-Tied Token GOLD Suffers Suspected Rug Pull on Solana Network

A suspected rug pull has been reported on the Solana network involving the GOLD token. Blockchain analysts at Lookonchain identified 15 newly created wallets linked to the project team, which sold 224.5 million GOLD for 3,178 SOL, netting about $330,000. The profit came to roughly $312,000, or a 17x return.

The team behind the token had bought the tokens with only $18,657. This concentration of tokens in wallets tied to the launch raised suspicions of a possible rug pull. Lookonchain warned 'Be cautious!' due to this ownership structure.

Interest in the token was driven by promotion from the X account @realtrumpcoins1, which claimed ties to the Trump Organization and is followed by Donald Trump's official account. However, Trump Coins denied any connection to GOLD and said the token was launched by third parties without permission.