Trump Digital Gold Token Crashes 99% After a Suspected Rug Pull

The Solana based Trump Digital Gold (GOLD) token crashed more than 99%, with traders accusing the project of a rug pull after a compromised promotional account was used to push the launch

The GOLD token quickly reached a market cap of nearly $60 million before collapsing to about $600,000 in just a few minutes.

Fake Trump Token Sparks $60M Buying Frenzy

The trouble began on 29 August, 2026, when the realtrumpcoins1 X account posted about the launch of GOLD and claimed the Trump Foundation backed it.

The account was linked to the Trump Organization’s merchandise business, giving the post an appearance of legitimacy. It was also followed by Donald Trump’s main X account, adding to the hype.

Traders quickly rushed into the token, sending its market value from almost nothing to nearly $60 million within two hours. 

But the rally did not last long. 

Soon after reaching its peak, the promotional post was later deleted, and the GOLD token then began to drop.

GOLD Loses 99% in a Few Minutes

After reaching its peak, GOLD’s market value plunged from around $60 million to roughly $600,000 in a few minutes.

On-chain data showed that the token’s supply was heavily concentrated among wallets linked to the launch. Around 82.45% of the total GOLD supply was reportedly held across insider wallets.

Following the crash, 15 newly created wallets reportedly sold around 224.5 million GOLD tokens through decentralized exchanges.

The sales generated around 3,178 SOL, worth approximately $330,000.

The deletion of the promotional post and the concentrated token supply fueled accusations that the launch was a coordinated rug pull. 

Eric Trump Warned About Fake Tokens

The incident has again raised concerns around crypto projects using the Trump name without official approval.

Earlier Coinpedia news reported that Eric Trump warned that unauthorized tokens claiming links to the Trump family should be treated as fraud.

Meanwhile, the GOLD token was not the same as the existing official TRUMP or MELANIA tokens. Those projects have different structures and token schedules.

The incident also shows how quickly a crypto token can rise when a trusted name is used to create hype.