A Solana blockchain token promoted by Real Trump Coins, a cryptocurrency brand publicly endorsed by US President Donald Trump in 2024, experienced a dramatic collapse just hours after its lau
A Solana blockchain token promoted by Real Trump Coins, a cryptocurrency brand publicly endorsed by US President Donald Trump in 2024, experienced a dramatic collapse just hours after its launch, sparking widespread suspicion over the project’s legitimacy and trading activity.
The “Trump Digital GOLD” token was introduced via the Real Trump Coins X account, which is followed by Donald Trump’s official social media profile. Shortly after announcing the launch, this account directed users to purchase GOLD through the RealTrumpCoins.com website.
Blockchain analytics firm Lookonchain monitored the launch closely, reporting that the token’s developer controlled 600 million GOLD, while 15 newly created wallets bought an additional 224.5 million tokens for $18,657. According to Lookonchain, these wallets were linked to the project team and together held 82.45% of the total token supply.
Lookonchain observed, “The team currently controls 82.45% of the total supply,” and later commented, “GOLD just rugged,” reporting that the project wallets sold all 224.5 million GOLD for 3,178 SOL, roughly $330,000.
Minutes after the sell-off, GOLD’s value plummeted, with its market capitalization sinking from $50 million to just $500,000, according to DEX Screener. Lookonchain estimated the aforementioned wallets generated a $312,000 profit, representing about 17 times their original investment.
MetricFigureTokens controlled by team82.45% (600 million GOLD)GOLD bought by new wallets224.5 million GOLD ($18,657)SOL received from sale3,178 SOL (~$330,000)Profit realized$312,000Market cap collapse$50 million to $500,000Mini dictionary: Lookonchain is a blockchain analytics service that tracks large-scale wallet transactions, token launches, and suspicious activity across various chains, providing real-time alerts and reports on on-chain events.
Following the rapid collapse, observers raised concerns over both the legitimacy of Trump Digital GOLD and possible security breaches. The Real Trump Coins X account and website, both previously promoted by Donald Trump, abruptly deleted all posts relating to GOLD’s launch.
Some crypto analysts and media outlets described the episode as an apparent “rug pull,” with suspicions that the project’s social media and website might have been compromised. Unverified reports circulating in the community have even linked the alleged security breach to Iranian hackers.
Real Trump Coins, a brand that gained national attention after Trump’s public endorsement during a silver medallion sales campaign in September 2024, has stated that its products are not connected to the Trump Organization. The sudden GOLD promotion and prompt deletion of associated posts have only added to fears of a possible scam targeting users drawn by Trump’s recent digital asset endorsements.
The GOLD token controversy intensifies scrutiny around crypto projects tied to Donald Trump. As president, Trump has urged Congress to pass the CLARITY Act, legislation intended to set clear rules for how cryptocurrencies are classified and regulated in the United States.
Trump’s ongoing public support for digital asset ventures, including the Official Trump (TRUMP) memecoin and World Liberty Financial, has drawn criticism from some lawmakers and advocacy groups, who argue these ventures pose conflicts of interest for the administration. Despite mounting questions, the White House has repeatedly denied any wrongdoing or improper conduct related to presidential backing of crypto projects.
Public Citizen, a US-based watchdog organization, recently claimed Trump-linked crypto projects have cost investors $4.7 billion through various alleged schemes. The administration’s involvement in crypto initiatives continues to generate heated debate as regulatory proposals make their way through Congress.
The post Solana-based Trump GOLD token plunges 99% after launch, raises scam concerns appeared first on COINTURK NEWS.
