Solana Token GOLD Collapses 99% After Trump-Linked Promotion

On-chain analyst EmberCN reported that the connected wallets dumped 824.54 million tokens for 9,784.6 SOL on August 29. The token had reached a market capitalization of $66 million earlier that morning following a post from an X account associated with a Trump merchandise collaboration. While the account used branding that suggested an official link, no evidence confirms the token was authorized by Donald Trump or the Trump Organization.

Following the deletion of the promotional post at 11:48 a.m., the wallet cluster executed a massive sell-off. The market cap cratered from $55 million to $1 million in roughly 30 seconds. By the time the liquidation concluded, the asset had lost nearly its entire value. This event follows a recurring trend on the Solana network where insiders acquire significant supply before retail interest spikes, leaving later buyers with little liquidity to absorb the subsequent crash. While U.S. regulators have warned that social media-driven tokens often function as pump-and-dump schemes, the SEC has previously indicated that many such assets may not fall under federal securities protections, leaving investors with limited recourse.