The cryptocurrency market has recently been shaken by the spectacular collapse of Trump Digital Gold (GOLD), which lost 98% of its value in a matter of hours. This project, which seemed promising at first, ended up with a massive theft of funds, reaching nearly 330,000 dollars in profits for early investors. This climate of uncertainty raises questions about the security of investments in tokens linked to public figures like Donald Trump.
Trump Digital Gold: A Promising Launch but Rapid Decline
Launched on the Solana (SOL) blockchain, the token Trump Digital Gold experienced a peak valuation exceeding 50 million dollars shortly after its introduction. However, this excitement did not last, as a sharp drop in its value was recorded shortly thereafter, leaving investors bewildered. Today, only 770,000 dollars in value remains, according to data provided by DexScreener.
Promotion by a Verified Account
The promotion of GOLD was orchestrated by an authenticated merchant account, followed by Donald Trump himself. The account, named @realtrumpcoins1, aimed to promote this new token, especially since it displayed a verification badge and had 42,300 followers. Presented as an official partner of the Trump Organization, this account quickly generated significant interest, adding perceived legitimacy to the project.
Lookonchain Analysis: A Rug-Pull Scenario
According to analyses provided by Lookonchain, a company specialized in tracking blockchain transactions, the token’s offering structure was troubling. The developer had secured 600 million GOLD for their own account. Meanwhile, 15 new wallets had spent around 18,657 dollars to acquire 224.5 million additional tokens, collectively controlling 82.45% of the circulating supply. Less than an hour after their acquisition, these wallets sold their assets for 3,178 SOL, generating a profit of approximately 312,000 dollars.
Losses for Investors Lured by Hype
Investors who joined the wave after the launch did not have the same luck, many watching their investments evaporate rapidly. The enormous liquidity drained by the early investors led to a price drop reminiscent of past events marked by similar losses, illustrating the inherent risks of investing in hyped cryptocurrencies.
A Promotion Tinted with Mystery
During its promotion, a link to a website, realtrumpcoins.com, was shared, claiming the exclusivity of Trump Digital Gold. However, this site seems to have been designed to deceive investors. Upon closer inspection, it is found that the site presents no cryptocurrency-related products but rather focuses on selling medallions. Additionally, another domain, trumpcoins.com, which directed users to physical products, contained no links to this controversial token.
Reactions and Denials from the Trump Family
Despite the promotion that took place, no member of the Trump family, including Eric Trump, has announced or supported the GOLD project. He explicitly denied rumors circulating about the launch of new tokens, calling the situation a “joke” and stating that any contrary claim was that of scammers. This clarification from the Trump family raises doubts about the integrity of projects associated with their name.
In the constantly evolving world of cryptocurrencies, Trump Digital Gold serves as a new illustration of the dangers related to hasty investments and the need for vigilance against projects that seem too good to be true.
