Trump Token Implodes: Suspected Rug Pull Wipes Out Nearly $60 Million

A Solana-based token called Trump Digital Gold (GOLD) saw its market cap plummet by nearly 99% after a suspected rug pull. Traders accused the project of exploiting the Trump family's name to promote the launch.

The trouble began on August 29, 2026, when an X account linked to the Trump Organization's merchandise business posted about the launch of GOLD and claimed that it was backed by the Trump Foundation. The claim was not confirmed as an official Trump family endorsement.

Traders quickly rushed into the token, sending its market value from almost nothing to nearly $60 million within two hours. However, this rally did not last long, and the promotional post was later deleted.

GOLD's market value then dropped dramatically, plunging from around $60 million to roughly $600,000 in a few minutes. On-chain data showed that 82.45% of the total GOLD supply was held by wallets linked to the launch.

The deletion of the promotional post and concentrated token supply fueled accusations that the launch was a coordinated rug pull. Eric Trump had previously warned about unauthorized tokens claiming links to the Trump family, calling them fraud.