Trump Digital Gold token surges, then collapses in hours

Trump Digital Gold (GOLD) soared to $60M market cap, then crashed 99% as linked wallets sold off, prompting rug pull accusations and highlighting risks of celebrity-themed tokens.

Trump Digital Gold (GOLD), a Solana-based token, saw its market capitalization skyrocket to over $60 million shortly after launch, only to plummet by more than 99% within hours. The token gained traction after heavy promotion by an X (Twitter) account associated with Trump-branded collectibles, which claimed official partnerships and was retweeted by related accounts, giving the project an appearance of legitimacy. On-chain analysis revealed that the developer and 15 linked wallets controlled over 82% of the token supply. These wallets sold all their holdings for substantial profits, generating over $1 million in SOL, and subsequently deleted promotional posts. The event sparked widespread accusations of a coordinated rug pull and underscored the risks of speculative tokens leveraging celebrity associations. No official statements confirmed the token's legitimacy, and the use of lookalike domains and misleading promotions further fueled concerns of fraudulent activity.