A newly launched Solana (SOL) token promoted through an account associated with Trump merchandise suffered a sharp collapse on August 29 after wallets linked to its team sold a large portion of the supply for roughly $330,000.
Trump Digital Gold (GOLD) appeared early on Saturday and quickly gained attention after posts from the X account realtrumpcoins1 directed followers to the token.
The account, which President Donald Trump follows and which sells official Trump-branded collectible coins and medals, presented itself as being connected to the Trump Organization.
Its website described the token as a digital gold initiative that would use trading fees for buybacks aimed at elevating it into the ranks of major cryptocurrencies.
On-chain data showed the developer held a substantial allocation, while 15 newly created wallets spent about $18,700 to acquire additional tokens. Together, these holdings represented more than 82% of the total supply.
Shortly afterward, the same wallets sold their entire position of 224.5 million tokens, receiving 3,178 SOL valued at approximately $330,000 and realizing a profit of around $312,000.
Trading volume surged as buyers entered, briefly pushing the market capitalization into the tens of millions of dollars. The price then fell more than 95% within hours, leaving the token with a market value well below $1 million.
Deleted account
The promotional posts on the realtrumpcoins1 account were subsequently deleted. The episode fits a familiar pattern in the Solana meme coin sector, where concentrated ownership and rapid insider selling can erase gains for later participants.
No confirmation has emerged that the token received any formal endorsement from Donald Trump or the Trump Organization.
Some observers have suggested the merchandise account may have been compromised, though that claim has not been independently verified.
As of press time, the token continued to trade at a fraction of its peak valuation, serving as another illustration of the extreme risks associated with newly launched tokens that rely on celebrity-adjacent branding for visibility.
Be the first to comment