A Solana-based token called GOLD, promoted from an X account that appeared linked to the Trump Organization's merchandise business, crashed more than 99% within hours of launch. Traders are calling it a rug pull after on-chain data showed insider wallets controlled most of the supply.
GOLD Token Surges to $60 Million, Then Collapses
The GOLD token reached a market cap of nearly $60 million before collapsing to about $600,000 within minutes. The trouble began on August 29, 2026, when the realtrumpcoins1 X account posted about the launch and claimed the Trump Foundation backed the token, a claim that was not confirmed as an official Trump family endorsement.
That 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 rushed in, sending the token's market cap from almost nothing to nearly $60 million within two hours. But the rally did not last: soon after the peak, the promotional post was deleted, and GOLD began to drop.
Insider Wallets Held 82.45% of Supply
On-chain data showed the token's supply was heavily concentrated among wallets linked to the launch, with around 82.45% of the total GOLD supply reportedly held across insider wallets. Following the crash, 15 newly created wallets reportedly sold around 224.5 million GOLD tokens through decentralized exchanges, generating around 3,178 SOL, worth approximately $330,000.
The deletion of the promotional post together with the concentrated token supply fueled accusations that the launch was a coordinated rug pull.
Eric Trump Has Warned About Fake Tokens Before
The incident echoes earlier warnings around crypto projects using the Trump name without official approval. Coinpedia previously reported that Eric Trump said unauthorized tokens claiming links to the Trump family should be treated as fraud.
That token was not the same as the existing official TRUMP or MELANIA tokens, which have different structures and token schedules.
Source: Coinpedia Fintech News
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