Trump Digital Gold token collapses 98% following suspected insider sell-off

The Trump Digital Gold (GOLD) token, launched on the Solana blockchain, collapsed by approximately 98% within hours of its debut. The token briefly reached a market capitalization of over $50 million before plummeting to roughly $500,000.

Blockchain analytics firm Lookonchain reported that the project's supply was highly concentrated, with the developer holding 600 million tokens and 15 newly created wallets controlling an additional 224.5 million. These 15 wallets, which analysts linked to the project team, reportedly sold their entire holdings for 3,178 SOL, totaling approximately $330,000 and generating a profit of about $312,000.

The token was promoted by the @realtrumpcoins1 account on X, a verified brand that sells Trump-themed merchandise and is followed by Donald Trump. Following the rapid price crash, the account deleted its promotional posts. While the account's bio describes it as an official partner of the Trump Organization, no official confirmation regarding the GOLD token has been provided by the Trump family or the Trump Organization. Some observers have suggested the account may have been compromised.