The Solana based Trump Digital Gold (GOLD) token crashed more than 99%, with traders accusing the project of a rug pull after a compromised X account that appeared connected to the Trump Organization’s merchandise business was used to promote the launch.
The GOLD token quickly reached a market cap of nearly $60 million before collapsing to about $600,000 in just a few minutes.
Fake Trump Token Sparks $60M Buying Frenzy
The trouble began on 29 August, 2026, when the realtrumpcoins1 X account posted about the launch of GOLD and claimed that the Trump Foundation backed the token. This claim was not confirmed as an official Trump family endorsement.
The account appeared connected to the Trump Organization’s merchandise business and was followed by Donald Trump’s main X account, which may have added to the token’s appearance of legitimacy.
Traders quickly rushed into the token, sending its market value from almost nothing to nearly $60 million within two hours.Â
But the rally did not last long.Â
Soon after reaching its peak, the promotional post was later deleted, and the GOLD token then began to drop.
GOLD Loses 99% in a Few Minutes
After reaching its peak, GOLD’s market value plunged from around $60 million to roughly $600,000 in a few minutes.
On-chain data showed that the token’s supply was heavily concentrated among wallets linked to the launch. Around 82.45% of the total GOLD supply was reportedly held across insider wallets.
Following the crash, 15 newly created wallets reportedly sold around 224.5 million GOLD tokens through decentralized exchanges.
The sales generated around 3,178 SOL, worth approximately $330,000.
The deletion of the promotional post and the concentrated token supply fueled accusations that the launch was a coordinated rug pull.Â
Eric Trump Warned About Fake Tokens
The incident has again raised concerns around crypto projects using the Trump name without official approval.
Earlier Coinpedia news reported that Eric Trump warned that unauthorized tokens claiming links to the Trump family should be treated as fraud.
Meanwhile, the GOLD token was not the same as the existing official TRUMP or MELANIA tokens. Those projects have different structures and token schedules.
The incident also shows how quickly a crypto token can rise when a familiar name and social media claims create a sense of legitimacy and drive buying pressure.
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