X Account Followed by Trump Promoted Scam Coin GOLD Before 95% Crash
Summary
- The X account 'realtrumpcoins1', which is followed by U.S. President Donald Trump, promoted the GOLD coin, helping push its market capitalization as high as $66 million.
- After the post was deleted, GOLD's market capitalization plunged about 95%, falling from $55 million to about $1 million.
- On-chain analyst EmberCN said there are scam indicators showing the issuer secured 82.5% of the total supply before selling all of it for about $1.01 million, while GoPlus Security raised the possibility that the account was hacked.
Forecast Trend Report by Period
An X account followed by U.S. President Donald Trump appears to have promoted the GOLD coin before it plunged on August 29.
Cryptopolitan reported on August 29 that the X account "realtrumpcoins1" posted a message promoting GOLD before the coin's collapse. The account describes itself as an "official partner of The Trump Organization," and Trump's official account follows it.
After the post appeared, GOLD's market capitalization briefly jumped to $66 million. But when the post was deleted later that morning, the coin's market value tumbled about 95% in just 30 seconds, dropping from $55 million to about $1 million.
Analysts have pointed to signs that a specific group was behind the GOLD incident. On-chain analyst EmberCN said the entity that issued GOLD secured about 82.5% of the total supply through pre-allocation and buying after the token launch. It then sold all of its holdings, netting about $1.01 million.
There is also speculation that the "realtrumpcoins1" account was hacked. GoPlus Security said a scam group may have compromised the account and then issued and promoted GOLD.
Uk Jin
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