GOLD token crashes 99% after Trump-linked post, $1M dump

Trump Digital Gold has crashed 99% from its peak after wallets controlling 82.45% of the Solana token’s supply sold their holdings for about $1.01 million. Summary Connected wallets sold 824.54 million GOLD tokens for 9,784.6 SOL, according to EmberCN. GOLD briefly reached a $66 million market cap after a Trump-affiliated merchandise account promoted it. The token’s market cap fell from $55 million to $1 million in about 30 seconds. U.S. regulators warn that social media promotions are frequently used in crypto pump-and-dump schemes. GOLD wallets sold 82.45% of the token supply On-chain analyst EmberCN reported on Aug. 29 that wallets linked to the Trump Digital Gold token had sold their entire holdings two hours before the post, receiving 9,784.6 Solana tokens worth approximately $1.01 million. The wallets collectively controlled 824.54 million GOLD tokens, equal to 82.454% of the asset’s total supply, through a combination of pre-allocation and purchases made shortly after trading began. Such concentrated ownership allowed the connected addresses to sell most of the circulating supply once other traders entered the market. EmberCN called the wallets the token’s “scammers,” althou...