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A newly launched meme coin on Solana briefly attracted millions in trading activity after it appeared on a Trump-linked X account.<\/p>\n
Trump Digital Gold (GOLD) was published and promoted on the X account @realtrumpcoins1, which is associated with an official Trump collectible business. The promotion immediately attracted attention, but on-chain sleuths raised some enormous red flags that didn’t stop people from getting into it.<\/p>\n
Data from Lookonchain shows<\/a> that the developer initially controlled 600 million tokens, while 15 newly created wallets spent $18,657 to acquire another 224.5 million coins. Combined, these two addresses alone controlled roughly 82.45% of the entire supply.<\/p>\n Yet, traders continued to pile in, with one wallet chasing GOLD near the top and losing over $62,000 in just seven minutes.<\/p>\n The situation deteriorated rapidly as it typically does when such shady coins see the light of day, when the promotional posts disappeared<\/a> from the Trump-linked account, fueling suspicions that it had been compromised.<\/p>\n GOLD plunged by more than 95% in a single minute, with its market cap plunging to under $2 million and then dumping again to $600,000.<\/p>\n Lookonchain updated that the 15 wallets mentioned above dumped all 224.5 million GOLD for 3,178 SOL, worth approximately $330,000. This means that their original investment of $18,657 was turned<\/a> into a $312,000 profit – or a 17x return.<\/p>\n Later on, it was confirmed that the account was hacked, while the perpetrator claimed<\/a> to have generated more than $8.2 million from the fiasco. The figure is the hacker’s own claim and has now been independently verified.<\/p>\n Official Trump (TRUMP), the meme coin indeed related to the POTUS, has been quite volatile<\/a> lately. It has posted several double-digit moves in either direction, but it was rejected at $3.00 yesterday despite a major announcement from the Korea Blockchain Week conference.<\/p>\n The post Trump-Themed Meme Coin Tanks 95% in Minutes as Traders Get Rugged: What Happened?<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\n
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