- The Trump Digital Gold (GOLD) coin built on the Solana blockchain collapsed by more than 99%, after its market value reached around $60 million.
- The promotion came from an account on the X platform that appeared to be associated with Trump, and it claimed support from the "Trump Foundation" for the coin—an allegation that has not been confirmed as an official endorsement by the Trump family.
- Insider wallets controlled 82.45% of the coin’s total supply.
Incident details:
The problem began on August 29, 2026, when the account "realtrumpcoins1" on the X platform posted an announcement about the launch of the GOLD coin, claiming that the "Trump Foundation" supported it. The account appeared connected to merchandise business operations of the Trump organization, and Donald Trump’s main X account followed it, which added to the appearance of legitimacy for traders.
Traders rushed quickly to buy the coin, and its market value jumped from near zero to about $60 million within just two hours. But the surge didn’t last—after it hit its peak, the promotional post was removed, and the coin began to collapse.
Rapid collapse:
The coin’s market value dropped from around $60 million to about $600,000 within a few minutes. Blockchain data showed that the supply was heavily concentrated in wallets linked to the launch party, with these internal wallets controlling 82.45% of the total supply.
After the collapse, 15 newly created wallets sold around 224.5 million GOLD tokens through decentralized trading platforms, generating returns of about 3,178 Solana (SOL) coins—roughly equivalent to $330,000.
The removal of the promotional post and the concentration of the supply led to allegations that the launch was a coordinated "rug pull."
Previous warnings from Eric Trump:
This incident reignited concerns about crypto projects that use the name "Trump" without official authorization. Previous reports had suggested that Eric Trump warned that any unapproved coins claiming ties to the Trump family should be considered a scam.
It’s worth noting that the GOLD coin is completely different from the official TRUMP and MELANIA coins, which have a different token structure and timeline.