Trump-Backed Token Plummets 98% After $330,000 Sell-Off

Trump Digital Gold (GOLD) plunged 98% just hours after its Saturday debut on Solana (SOL). A verified merchandise account that Donald Trump follows promoted the token.

Earlier in the day, the token's market cap topped $50 million. It currently hovers around $770,000, data from DexScreener shows. Lookonchain, a blockchain analytics firm, reported that wallets associated with the team were the first to sell.

Unraveling the Trump Digital Gold Launch

The account that promoted it, @realtrumpcoins1, is verified and has 42,300 followers. Its bio describes itself as an official partner of the Trump Organization. Trump himself follows the account. This alone lent credibility to the promotion.

Lookonchain, which monitors wallet movements on public blockchains, pointed out the supply distribution early on. The developer had 600 million GOLD, and 15 newly created wallets spent $18,657 to acquire another 224.5 million tokens.

realtrumpcoins(@realtrumpcoins1), which is followed by @realDonaldTrump, has launched a token called $GOLD.

Notably, the developer holds 600M $GOLD, and 15 newly created wallets spent $18,657 to buy 224.5M $GOLD.

The team currently controls 82.45% of the total supply.

Be… pic.twitter.com/7ZU8bfndzk

— Lookonchain (@lookonchain) August 29, 2026

Combined, those addresses controlled 82.45% of the total supply. Thirty minutes later, those 15 wallets liquidated their entire holdings for 3,178 SOL, approximately $330,000. Their gain was close to $312,000.

The selling was absorbed by late-arriving buyers, mirroring past losses for retail investors.

Two Domains Paint a Different Picture

The promotion, since removed, pointed to a single website.

“Introducing Trump Digital GOLD! It’s time to redefine what DIGITAL GOLD means… GET YOUR $GOLD NOW: realtrumpcoins.com,” read the since deleted post.

The account's bio instead directs users to trumpcoins.com. That site sells medallions and functions normally, with BeInCrypto finding no cryptocurrency items.

Realtrumpcoins.com is a different, imitation domain. It continues to display the contract address and describes the token as the Trump Foundation's most ambitious cryptocurrency project.

Researcher Rune observed that the domain's registration details were altered the same day, and its checkout function ceased to work.

– store doesnt work
– whois stuff all changed up just today
– insiders buying the launch with Axiom (yea seems like a trump team to do)
– 4% taxes

i might not have made traded it, but this launch is genuinely such rug vibes i cant fathom how it even got this high pic.twitter.com/RM5xeYVCac

— ManaMoon (@ManaMoonNFT) August 29, 2026

No member of the Trump family had announced GOLD. A week earlier, on August 22, Eric Trump had already dismissed rumors of a new coin.

“What a joke… This is absolutely not true. No one is launching any kind of coin. If anyone is suggesting otherwise, it’s a fraud,” he wrote in a power.

Lookonchain later verified that the account had deleted those posts. Previously, compromised political accounts have been used to promote fake Solana tokens. The 15 wallets converted their holdings into Solana's native token, which is currently trading around $104.