A Solana-based meme coin called Trump Digital Gold (GOLD) collapsed by more than 95% in a single minute on August 29, 2026, after being promoted through a Trump-linked X account that was later confirmed to be hacked.
The token launched via @realtrumpcoins1, an account claiming to be an official partner of the Trump Organization for collectible coins and medals. GMGN market data showed GOLD's market cap fell to roughly $1.8 million during the initial crash, and later dumped again to around $600,000.
On-chain investigators at Lookonchain flagged serious red flags before the collapse. The developer reportedly controlled 600 million tokens, while 15 newly created wallets spent just $18,657 to acquire another 224.5 million GOLD. Combined, these addresses held approximately 82.45% of the total supply.
Despite the concentration risk, traders kept buying. One wallet that chased GOLD near its top lost more than $62,000 in about seven minutes. Lookonchain later reported that the 15 wallets dumped their entire 224.5 million GOLD for 3,178 SOL, worth roughly $330,000, turning the initial $18,657 into a profit of about $312,000 — a 17x return.
Promotional posts for the token disappeared from the Trump-linked account, deepening suspicions of a compromise. It was subsequently confirmed that the account was hacked. The attacker claimed to have generated more than $8.2 million from the scheme, though that figure has not been independently verified.
The incident highlights the risks of politically themed and celebrity-associated meme coins, where hype-driven launches can be exploited through social media account takeovers and insider-controlled supply.
