Key Takeaways:
GOLD on Solana fell 99 percent to about $600,000 market cap on Aug. 29 after a promotional post from a Trump-linked X account was deleted, on-chain data shows.
Blockchain analytics firm Lookonchain flagged the token's supply concentration on X, noting the developer wallet held 600 million GOLD and 15 newly created wallets purchased 224.5 million tokens for $18,657.
The 15 wallets sold their entire GOLD positions for 3,178 SOL, worth approximately $330,000 at the time. Insider wallets controlled 82.45 percent of the total supply, according to Lookonchain data.
The incident follows Eric Trump's Aug. 22 warning that unauthorized tokens claiming links to the Trump family should be treated as fraud. GOLD was distinct from the official TRUMP and MELANIA tokens, which have different structures and token schedules.
The token launched on Solana on Aug. 29 and quickly attracted speculative buying after the @realtrumpcoins1 X account, which is followed by Donald Trump's main account and has more than 42,000 followers, posted about the launch and claimed Trump Foundation backing. The account appeared connected to the Trump Organization's merchandise business.
Traders pushed GOLD's market value from near zero to almost $60 million within two hours. But after the promotional post was deleted, the token's market cap fell from around $60 million to roughly $600,000 in a few minutes.
The deletion of the promotional post and the concentrated token supply fueled accusations that the launch was a coordinated rug pull. The promotion directed users to realtrumpcoins.com, while the account's profile pointed to trumpcoins.com, a separate website selling Trump-themed merchandise — two different domains that added confusion around the launch.
The incident highlights how quickly a crypto token can rise when a familiar name and social media claims create a sense of legitimacy and drive buying pressure. For buyers, the collapse demonstrates why wallet concentration, liquidity and official verification matter when evaluating newly launched tokens on Solana. The episode also adds to a growing list of fraudulent token launches on Solana this year, where low-liquidity tokens are often promoted through social media accounts that appear official, leaving retail investors with little recourse when the project turns out to be a scam.
This article is for informational purposes only and does not constitute investment advice.
