A Solana-based token promoted by a Trump-linked coin brand collapsed within hours of its launch, raising questions over who was behind it and its unusual trading activity.
Real Trump Coins, a brand US President Donald Trump publicly promoted in 2024, touted the “Trump Digital GOLD” token on X before deleting related posts on Saturday, according to blockchain analytics platform Lookonchain.
The Real Trump Coins website continued promoting GOLD as of publication, advertising a 4% trading fee and pledging to use 99% of trading fees to buy back the token in an effort to make it a top-10 crypto asset by market capitalization.
The launch has left crypto observers questioning GOLD’s legitimacy and who was behind it, with some suggesting Real Trump Coins may have been compromised.
GOLD token wallets sell amid 82% supply concentration
The token surfaced early Saturday when the Real Trump Coins X account, which Trump’s official account follows, announced the GOLD launch and directed users to RealTrumpCoins.com to buy the token.
Lookonchain flagged the launch shortly afterward, noting that the developer held 600 million GOLD while 15 newly created wallets spent $18,657 to acquire another 224.5 million tokens. “The team currently controls 82.45% of the total supply,” Lookonchain said, advising users to be cautious.
Lookonchain later reported that the 15 wallets, which it linked to the team, sold all 224.5 million GOLD for 3,178 Solana (SOL), worth about $330,000. GOLD subsequently lost nearly all of its value, with its market capitalization falling from about $50 million to $500,000 at the time of publication, according to DEX Screener.
Source: DEX Screener
“GOLD just rugged!” Lookonchain said, estimating that the wallets made a $312,000 profit, or roughly 17 times their initial investment.
What is Real Trump Coins?
Trump publicly promoted RealTrumpCoins.com in September 2024 when announcing his silver medallions, describing the website as the exclusive place to buy them. The site says the products are not manufactured, distributed or sold by the Trump Organization.
The sudden GOLD promotion and subsequent deletion of related X posts fueled speculation that Real Trump Coins had been compromised. Solana community member Fabiano.sol claimed the Real Trump Coins X account was hacked, while onchain analyst EmberCN described GOLD as a scam. X user TITAN also shared claims that Iranian hackers were allegedly behind the “fake Trump launch.”
US President Donald Trump promoted the Real Trump Coins brand in September 2024. Source: Truth Social
The GOLD episode adds to scrutiny of Trump-linked crypto ventures as the president pushes Congress to advance legislation that would reshape US oversight of the industry.
Related: Trump cost investors $4.7B through crypto ‘schemes’: Public Citizen
Trump urged lawmakers on Aug. 19 to pass a “fair version” of the CLARITY Act, proposed legislation that would establish a regulatory framework for crypto assets and clarify whether tokens fall under securities or commodities rules.
Trump and his family have backed or launched several crypto ventures, including the Official Trump (TRUMP) memecoin and World Liberty Financial. The ventures have drawn conflict-of-interest concerns as his administration shapes crypto policy, while the White House has denied any impropriety.
Magazine: Who is legally liable when an AI agent goes rogue?