Trump Digital Gold meme coin crashed 95% minutes after launch as developer and early whales dumped holdings, with a hacker extracting $8.2M in the aftermath.
Ecosystem ·
A newly launched Solana-based meme coin called Trump Digital Gold (GOLD) collapsed over 95% within minutes after being promoted on a Trump-linked X account. According to reporting, the token initially attracted millions in trading volume before on-chain analysis revealed severe concentration risks: the developer held 600 million tokens while 15 wallets collectively acquired 224.5 million coins, giving these addresses roughly 82.45% of total supply.
The scheme unfolded rapidly as promotional posts disappeared from the associated X account, triggering the price crash and fueling suspicions of account compromise. Data showed the 15 early wallets dumped their entire holdings for approximately $330,000 in Solana, yielding a 17x return on their initial $18,657 investment. A single trader lost over $62,000 in seven minutes while the coin's market cap collapsed from several million dollars to under $600,000.
Following the crash, the X account was confirmed to have been hacked. The perpetrator claimed profits exceeding $8.2 million from the incident, a figure described as independently verified. It remains unclear whether the hack was the initial vector for the scheme or occurred after the rug pull had begun.