A newly launched meme coin on Solana briefly attracted millions in trading activity after it appeared on a Trump-linked X account.

Trump Digital Gold (GOLD) was published and promoted on the X account @realtrumpcoins1, which is associated with an official Trump collectible business. The promotion immediately attracted attention, but on-chain sleuths raised some enormous red flags that didn’t stop people from getting into it.

Data from Lookonchain shows that the developer initially controlled 600 million tokens, while 15 newly created wallets spent $18,657 to acquire another 224.5 million coins. Combined, these two addresses alone controlled roughly 82.45% of the entire supply.

Yet, traders continued to pile in, with one wallet chasing GOLD near the top and losing over $62,000 in just seven minutes.

The situation deteriorated rapidly as it typically does when such shady coins see the light of day, when the promotional posts disappeared from the Trump-linked account, fueling suspicions that it had been compromised.

GOLD plunged by more than 95% in a single minute, with its market cap plunging to under $2 million and then dumping again to $600,000.

Lookonchain updated that the 15 wallets mentioned above dumped all 224.5 million GOLD for 3,178 SOL, worth approximately $330,000. This means that their original investment of $18,657 was turned into a $312,000 profit – or a 17x return.

Later on, it was confirmed that the account was hacked, while the perpetrator claimed to have generated more than $8.2 million from the fiasco. The figure is the hacker’s own claim and has now been independently verified.

Official Trump (TRUMP), the meme coin indeed related to the POTUS, has been quite volatile lately. It has posted several double-digit moves in either direction, but it was rejected at $3.00 yesterday despite a major announcement from the Korea Blockchain Week conference.

Source: CryptoPotato