Trump Digital Gold (GOLD) lost 98% of its value within hours of launching on Solana (SOL) Saturday. A verified merchandise account that Donald Trump follows promoted the token.

The token peaked above $50 million in market value early in the day. It now sits near $770,000, according to DexScreener. Blockchain analytics firm Lookonchain says wallets tied to the team sold first.

How the Trump Digital Gold Launch Unraveled

The promoting account, @realtrumpcoins1, holds a verification badge and 42,300 followers. Its bio calls it an official partner of the Trump Organization. Trump follows it. That signal alone gave the pitch weight.

Lookonchain, a firm that tracks wallet activity on public blockchains, flagged the supply structure early. The developer held 600 million GOLD, while 15 new wallets spent $18,657 on another 224.5 million.

Those addresses together held 82.45% of supply. Half an hour later, the same 15 wallets sold everything for 3,178 SOL, worth about $330,000. Their profit neared $312,000.

Late buyers absorbed that selling, echoing similar retail losses before.

Two Different Domains Tell the Story

The now-deleted promotion named one destination.

“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 points elsewhere, to trumpcoins.com. That store sells medallions and works normally. BeInCrypto found no crypto products on it.

Realtrumpcoins.com is a separate lookalike domain. It still shows the contract address and calls the token the Trump Foundation’s most ambitious crypto project.

Researcher Rune noted its registration record changed the same day, while its checkout stopped working.

Nobody in the Trump family announced GOLD. Eric Trump had already denied new coin rumors a week earlier, on August 22.

“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 confirmed the account wiped those posts. Compromised political accounts have pushed fake Solana tokens before. Those 15 wallets exited into Solana’s native token, which trades near $104.

Source: BeInCrypto