Solana-Based "Trump Digital Gold" Token Plunges 99% After Suspected Rug Pull

The Solana-based Trump Digital Gold (GOLD) token collapsed more than 99% after traders alleged a rug pull tied to a social media promotion from a compromised X account that appeared connected to the Trump Organization's merchandise business. GOLD briefly surged to a market capitalization near $60 million before plunging to roughly $600,000 within minutes. The episode began on Aug. 29, 2026, when the X account realtrumpcoins1 posted about GOLD's launch and claimed the Trump Foundation backed the token. No official endorsement from the Trump family was confirmed. The account, which appeared linked to Trump-branded merchandise activity and was followed by Donald Trump's main X account, added to perceptions of legitimacy. Buying accelerated quickly, pushing the token's value from near zero to almost $60 million in about two hours. The rally unraveled after the promotional post was deleted, triggering a sharp selloff. Onchain data indicated heavy insider concentration. About 82.45% of the total GOLD supply was reportedly held in wallets linked to the launch. After the crash, 15 newly created wallets reportedly sold roughly 224.5 million GOLD through decentralized exchanges. The sales generated about 3,178 SOL, valued at approximately $330,000. The deleted promotion and the concentrated supply intensified accusations that the launch was coordinated. The incident also renewed scrutiny of crypto projects using the Trump name without authorization. Coinpedia previously reported that Eric Trump warned that unauthorized tokens claiming ties to the Trump family should be treated as fraud. Market observers also noted GOLD was not the same as the existing official TRUMP or MELANIA tokens, which operate under different structures and token schedules. The rapid rise and collapse underscores how quickly a token can rally when a recognizable name and social media claims create a sense of legitimacy and fuel speculative demand.