A newly launched Trump-themed meme coin on Solana experienced a dramatic collapse after the X account promoting it was compromised, resulting in significant losses for late-stage traders.
Trump Digital Gold (GOLD) was promoted through the X account @realtrumpcoins1, associated with an official Trump collectible business. The coin attracted millions in trading activity following the promotion, but blockchain analysis quickly revealed concentrated ownership that posed risks to retail investors.
Ownership Concentration and Suspicious Activity
On-chain data showed that the developer controlled 600 million tokens while 15 newly created wallets acquired an additional 224.5 million coins through $18,657 in spending. Together, these addresses controlled approximately 82.45% of the total supply. Despite these red flags, trading continued, with one trader losing more than $62,000 in seven minutes.
The Crash
When promotional posts disappeared from the Trump-linked account, suspicions of a compromise grew. GOLD then plunged more than 95% in a single minute, with its market capitalization falling from several million dollars to $600,000.
Early Investors Profit Significantly
The 15 wallets that had accumulated the coin early sold their entire 224.5 million GOLD holdings for approximately 3,178 SOL, worth roughly $330,000. This represented a profit of approximately $312,000 on their initial $18,657 investment, or a 17-fold return.
The account compromise was later confirmed, with the hacker claiming to have generated more than $8.2 million from the incident.
