Update Aug. 30: This article has been updated to include Real Trump Coins’ denial that it launched or authorized GOLD and to clarify references to associated domains.

A Solana-based token promoted by a Trump-linked coin brand collapsed within hours of its launch, raising questions about who was behind it and its unusual trading activity. The pattern — heavy insider supply concentration followed by a rapid coordinated sell-off, commonly known in crypto as a “rug pull” — has long been a recurring hazard on Solana and other low-cost chains, where anyone can launch a token in minutes with minimal upfront capital.

Real Trump Coins — a brand that US President Donald Trump publicly promoted in 2024 — touted the “Trump Digital GOLD” token on X before deleting the related posts on Saturday, according to blockchain analytics platform Lookonchain.

As of the article’s initial publication, RealTrumpCoins.com was still promoting GOLD, advertising a 4% trading fee and pledging to use 99% of trading fees to buy back the token. A separate website, TrumpCoins.com, is currently linked from the Real Trump Coins X profile and does not display the GOLD promotion.

The launch has left crypto observers questioning GOLD’s legitimacy and who controlled it, with some suggesting the Real Trump Coins account may have been compromised. Incidents like this also illustrate why analysts routinely warn that tokens launched via compromised or high-profile social accounts tend to see brief price spikes driven by apparent endorsement before insiders unload holdings on late buyers.

Wallets dump GOLD 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. Such concentration means a small group can overwhelm sellers on decentralized exchanges at any moment, which is why analysts treat it as a core red flag when evaluating newly launched tokens.

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.

“GOLD just rugged!” Lookonchain said, estimating that the wallets made a $312,000 profit — 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 X account that promoted GOLD before deleting the posts now links to a separate domain, TrumpCoins.com.

Real Trump Coins has since denied launching, promoting or authorizing any digital token, blaming the GOLD promotion on “third-party bad actors.” Notably, the X account was still directing customers to RealTrumpCoins.com as recently as Aug. 25, days before the GOLD promotion appeared.

Trump promoted the Real Trump Coins brand in September 2024 on Truth Social.

Broader scrutiny of Trump-linked crypto ventures

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. It also fits a wider pattern of unofficial tokens invoking Trump’s name; Trump’s name and likeness have been used on numerous memecoins and branded digital assets that are not formally affiliated with him, complicating efforts by investors to distinguish authorized projects from opportunistic ones.

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.

Related: Trump cost investors $4.7B through crypto ‘schemes’: Public Citizen