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\u2019t 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 \u2013 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\u2019s 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>","protected":false},"excerpt":{"rendered":" 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 […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-219901","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/219901"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=219901"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/219901\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=219901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=219901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=219901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}