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Trump Digital Gold (GOLD) lost about 98% of its value within hours of launching on Solana on Saturday after a verified merchandise account promoted the token. The token climbed above USD 50 million in market value before falling near USD 770,000, according to DexScreener. Lookonchain said wallets linked to the team sold first, while late buyers absorbed the selling.
The X account @realtrumpcoins1 promoted GOLD and directed users to realtrumpcoins.com. The account has 42,300 followers, carries a verification badge, and describes itself as an official Trump Organization partner.
Donald Trump follows the account, which normally promotes collectible coins and medals. The promotion linked that familiar branding to a separate Solana token that no Trump family member publicly announced.
Lookonchain said the developer held 600 million GOLD tokens. Meanwhile, 15 newly created wallets spent USD 18,657 to buy another 224.5 million tokens, bringing their combined share to 82.45%.
About 30 minutes later, those 15 wallets sold their holdings for 3,178 SOL, worth about USD 330,000. Lookonchain estimated their profit at nearly USD 312,000 as late buyers absorbed the selling.
How could late buyers assess the risk before wallets controlling most of the supply began selling?
The promotional post later disappeared from @realtrumpcoins1. It introduced Trump Digital GOLD and directed buyers to realtrumpcoins.com, a domain separate from the merchandise account’s usual trumpcoins.com website.
Trumpcoins.com continued operating as a store for medallions, and BeInCrypto found no crypto products there. In contrast, realtrumpcoins.com displayed the GOLD contract address and promoted the token as a Trump Foundation crypto project.
Researcher Rune said the lookalike domain’s registration record changed on the same day. Rune also reported that its checkout stopped working, adding another unresolved detail around the launch.
The account later removed the GOLD posts, according to Lookonchain. No official statement from the Trump Organization or the account operators had confirmed whether the account had been compromised.
Read More: Trump and Bitcoin: Will Gold Reserves Fund a Crypto Move?
No member of the Trump family announced GOLD before the launch. Eric Trump had rejected new coin rumors on August 22, one week before the token appeared. He said no one was launching any kind of coin and described claims suggesting otherwise as fraudulent. That statement preceded GOLD’s promotion through the merchandise account.
The token then suffered a sharp collapse. The supplied figures show a decline of about 98% within hours, while another account described a drop exceeding 95% within 60 seconds. The 15 tracked wallets exited into Solana’s native SOL token, which traded near USD 104. Meanwhile, GOLD remained near USD 770,000 in market value after peaking above USD 50 million earlier Saturday.
Trump Digital Gold’s collapse followed a promotion from a verified merchandise account and heavy selling from wallets holding most of the supply. The Trump family had not announced GOLD, while the promoting account deleted its posts. Questions over a possible compromise remained unanswered.
