Key facts
- A Solana-based token called "Trump Digital GOLD" collapsed shortly after its launch.
- The token was promoted by a brand linked to US President Donald Trump.
- Posts promoting the token on X were deleted after its launch.
- Wallets associated with the token's team sold 224.5 million tokens, realizing a profit.
- The token's market capitalization fell from approximately $50 million to $500,000.
A Solana-based token, "Trump Digital GOLD," promoted by a brand linked to US President Donald Trump, experienced a dramatic collapse of approximately 98% shortly after its launch. The brand, Real Trump Coins, touted the token on X before deleting related posts, while wallets associated with the token's team sold a significant portion of the supply. Blockchain analytics platform Lookonchain noted that 15 newly created wallets, linked to the team, acquired 224.5 million GOLD tokens and subsequently sold them for 3,178 Solana (SOL), worth about $330,000. This action led to the token's market capitalization plummeting from around $50 million to $500,000. The Real Trump Coins website continued to advertise the token, promising to use 99% of trading fees for buybacks. The incident has raised questions about the token's legitimacy, with some speculating that the brand's X accounts and website may have been compromised, possibly by Iranian hackers. This event adds to scrutiny of Trump-linked crypto ventures amidst ongoing discussions about US crypto regulation.