The Trump digital gold token on Solana fell by more than 99% following its promotion through an X account that appeared to be connected to a merchandise business associated with the Trump Organization. Questions have emerged over whether the project could have been a rug pull, as there has been no official statement confirming its authenticity.
Table of Contents
The GOLD coin managed to get a market cap of close to $60 million before it fell to about $600,000 in a matter of minutes.
Trump Digital Gold Sparks $60M Buying Frenzy
The event started on August 29, 2026, when the X account “realtrumpcoins1” announced the issuance of Trump digital gold tokens. According to the account, the Trump Foundation supported the project; however, this information has not been officially confirmed by any statement from the Trump family.
It seems that the account has some connections with the merchandising business of the Trump Organization and is followed by the main X account of Donald Trump. This can give the project more credibility in the eyes of customers.
Purchasing became more active following the posting of the article. In just about two hours, the value of GOLD rose from almost zero to close to $60 million.
This rise was short-lived. As the promotion post got removed, the token value started dropping considerably.
Also Read | Pudgy Penguins (PENGU) Price Pulls Back After 53.6% August Surge
GOLD Loses More Than 99% in Minutes
After its market capitalization peak, the Trump digital gold crypto had its market capitalization drop from about $60 million to only $600,000 in a matter of minutes.
As stated by the on-chain information, wallets behind the project’s launch owned most of the tokens in circulation. It is reported that about 82.45% of all tokens were controlled by the insider wallets.
After the drop in price, 15 recently created wallets sold 224.5 million GOLD coins through decentralized exchanges. They made 3,178 SOL, which was equal to about $330,000.
This is due to the promotional post that was deleted by the group, along with the high concentration of the GOLD tokens in wallets associated with the launch.
Eric Trump Warned About Unauthorized Tokens
This case has again brought to light the dangers of cryptocurrency projects that carry the name of Trump without any official approval.
Eric Trump has already cautioned against fake tokens that are alleged to have links to the Trump family.
The Trump digital gold is also different from the previous two coins, namely the TRUMP and MELANIA tokens. They have different frameworks for launching.
The crash demonstrates the rapid rise of a new cryptocurrency token due to a sense of legitimacy created through social media buzz. This also demonstrates how quickly the value can be lost when confidence is lost and token holders start offloading them.
Also Read | Bitcoin’s $81,000 Resistance Sets 1 Key Test in This Cycle
