A token named GOLD briefly attracted heavy buying pressure after promotion on social media, with its market cap nearing $60 million within two hours, before sharply declining. On-chain data later revealed that the token supply was concentrated in wallets associated with the issuer, leading the market to question whether the project involved impersonation-based token issuance and coordinated dumping.
Funds flowed in after the X account promotion.
Coinpedia reported that on August 29, the X account named realtrumpcoins1 announced the launch of GOLD and claimed the project had the support of the Trump Foundation. Due to the account's alleged connection to Trump-related merchandise operations and its previous follow by Trump’s official account, the post was temporarily regarded as credible by some traders.
After the message spread, funds quickly flowed into the token, pushing its market capitalization from nearly zero to approximately $60 million.
Dropped by approximately 99% within minutes
This rally did not last. Reports show that after reaching its peak, GOLD's market capitalization dropped from approximately $60 million to around $600,000 within minutes, a decline of nearly 99%.
- The all-time high market cap was approximately $60 million.
- After the crash, the market cap is approximately $600,000.
- The internal associated wallet holds approximately 82.45% of the supply.
On-chain data later showed that the token supply of GOLD is highly concentrated. The report cited data indicating that approximately 82.45% of the total supply is held by internal wallets associated with the issuance.
15 new wallets sold via DEX
After the price crash, the market further focused on the selling path. Reports indicate that 15 newly created wallets sold approximately 224.5 million GOLD tokens via decentralized exchanges.
These sales totaled approximately 3,178 SOL, equivalent to about $3.3 million according to the article's figures. Coinpedia also noted that Eric Trump previously warned that any tokens claiming affiliation with the Trump family without authorization should be considered fraudulent projects.
Additional information: The GOLD token appearing this time is not the existing official TRUMP or MELANIA tokens. The report notes that these projects have different structures and token release arrangements.