Overview
- A newly created Solana token called Trump Digital Gold (GOLD) was promoted from an X account tied to Trump merchandise and then collapsed after large holders sold most of the supply on Saturday, Aug. 29.
- On-chain analysts reported that wallets controlling about 82.45% of GOLD’s supply sold 824.54 million tokens for roughly 9,784.6 SOL, which was about $1.01 million at the time, driving the market cap down about 95–99% within seconds.
- The promotional post was later deleted and outlets say the merchandise account was likely compromised, though no law enforcement or U.S. regulator has publicly attributed the activity or identified the wallet owners.
- An anonymous claim circulated online that the issuance raised far larger sums and would fund a bounty targeting Trump associates, but those claims and suggestions of Iranian involvement remain unverified by authorities.
- The episode underscores a recurring Solana pattern where instant token launches, pre-allocated supply and social-media endorsements let small groups exit with profits while retail buyers face steep losses, prompting renewed calls for regulatory scrutiny and clearer investor warnings.