Real Trump Coins denied any connection to the Solana-based cryptocurrency Trump Digital Gold (GOLD). After GOLD’s price plunged shortly after it was promoted through the company’s official online channels, the company raised the possibility that a malicious third party had intervened and said it was checking the circumstances with authorities.

On Aug. 31, blockchain media outlet Decrypt reported that GOLD plunged 98 percent within hours of launch, fuelling suspicions of insider selling and a rug pull. GOLD’s market capitalisation at one point topped $50 million but later shrank to about $770,000.

Real Trump Coins said in a post on X, formerly Twitter, on Aug. 30 that it had never launched, promoted or approved Trump Digital Gold.

The company claimed promotion related to GOLD was carried out by a malicious third party. It added that authorities were also involved in the process of determining what happened.

The controversy erupted after GOLD appeared simultaneously across several official online channels of Real Trump Coins. A post promoting GOLD was uploaded to the company’s X account on Aug. 30 and directed users to RealTrumpCoins.com, the official Real Trump Coins website. Around the same time, content related to GOLD was also posted on that website. The X post was later deleted.

Signs also emerged that were difficult to explain as simple account hacking. Cryptocurrency observer Rune questioned how the company’s X account and domain could have been compromised at the same time.

Real Trump Coins’ X account is currently linked to a separate domain, TrumpCoins.com. But a post dated Aug. 25 that remained up as of the time of writing still directed users to RealTrumpCoins.com. That website also kept a GOLD promotional screen in place as of the same time.

On-chain data also showed movements by related wallets. According to blockchain analytics firm Lookonchain, 82.45 percent of total supply was concentrated in a developer wallet and newly created addresses before GOLD was sold.

Lookonchain said 15 wallets it identified as related to the team sold about $330,000 worth of GOLD. Estimated profit was put at about $312,000.

With indications of large-scale selling coinciding with the token’s price plunge, market doubts are growing. Real Trump Coins denies any relationship with GOLD, but controversy over responsibility is expected to continue as promotional content was actually shown on its X account and website and suspicions have also been raised over wallet sales. The issue is also spreading into questions about the reliability of online channel management and promotional routes for Trump-related cryptocurrency brands.

Donald Trump appeared to still be following the X account. The account remained one of the 53 accounts Trump followed.

The company is maintaining its position that it was not involved in the launch, promotion or approval of GOLD while investigating what happened. It remains unclear, however, through what route content related to GOLD was posted on official channels and how it relates to sales by wallets suspected of being linked to the team.

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