A newly launched meme coin on Solana briefly attracted millions in trading activity after it appeared on a Trump-linked X account 🖤
Meme Coin Frenzy Sparks Red Flags 💀
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’t stop people from getting into it 🌑. Data from Lookonchain shows 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 🕷️. Yet traders continued to pile in with one wallet chasing GOLD near the top and losing over $62,000 in just seven minutes. The situation deteriorated rapidly as it typically does when such shady coins see the light of day when the promotional posts disappeared from the Trump-linked account fueling suspicions that it had been compromised 🦇. 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. 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 into a $312,000 profit or a 17x return 🕸️. Later on it was confirmed that the account was hacked while the perpetrator claimed to have generated more than $8.2 million from the fiasco. The figure is the hacker’s own claim and has now been independently verified 🪦. Official Trump (TRUMP) the meme coin indeed related to the POTUS has been quite volatile 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 ✨.
Just another echo from the void by iconofsin.eth 💖
