A Solana-based token promoted by Real Trump Coins collapsed within hours of its launch Saturday, raising questions about the token's legitimacy and the circumstances surrounding its rapid decline.
Real Trump Coins, a brand that President Donald Trump publicly promoted in 2024, announced the "Trump Digital GOLD" token on its X account before deleting related posts, according to blockchain analytics platform Lookonchain. The Real Trump Coins website continued promoting GOLD at the time of reporting, advertising a 4% trading fee and pledging to use 99% of trading fees for token buybacks.
Rapid Value Collapse
Blockchain analysis revealed significant concentration of the token's supply. The developer held 600 million GOLD tokens while 15 newly created wallets spent $18,657 to acquire 224.5 million tokens, giving the team control of 82.45% of total supply, Lookonchain reported.
Those 15 wallets subsequently sold all 224.5 million GOLD tokens for 3,178 Solana (SOL), worth approximately $330,000. The token's market capitalization fell from about $50 million to $500,000 at the time of reporting, according to DEX Screener data.
Lookonchain estimated that the wallets made approximately $312,000 in profit, roughly 17 times their initial investment.
Concerns Over Legitimacy
The sudden promotion and rapid deletion of related posts fueled speculation that Real Trump Coins' X account and website had been compromised. Several crypto outlets described GOLD as an apparent scam or rug pull, while unverified reports linked the suspected compromise to external actors.
Real Trump Coins is a brand Trump publicly promoted in September 2024 when announcing silver medallions available through RealTrumpCoins.com. The site states that products are not manufactured, distributed, or sold by the Trump Organization.
Broader Context
The GOLD episode adds to scrutiny of Trump-linked crypto ventures as the administration works on crypto policy. Trump has backed or launched several crypto ventures, including the Official Trump memecoin and World Liberty Financial, drawing conflict-of-interest concerns from observers.
