Trump-Themed Meme Coin Tanks 95% in Minutes as Traders Get Rugged: What Happened?

Another Trump-themed digital asset delivered an expensive and painful lesson to traders chasing quick gains through meme coins. A newly launched meme coin on Solana briefly attracted millions in trading activity after it appeared on a Trump-linked X account. 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. Data from Lookonchain shows 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. Yet, traders continued to pile in, with one wallet chasing GOLD near the top and losing over $62,000 in just seven minutes. The situation deteriorated rapidly as it typically does when such shady coins see the light of day, when the promotional posts disappeared from the Trump-linked account, fueling suspicions that it had been compromised. GOLD plunged by more than 95% in a single m...