Crypto News: GOLD Token Crash, Solana Disinflation Vote, California Memecoin Ban

A token promoted by a Trump-linked brand collapsed on Friday after blockchain analytics revealed extreme supply concentration by its developers. The "Trump Digital GOLD" token lost roughly 99% of its market cap, plunging from approximately $50 million to $500,000 according to DEX Screener data. Lookonchain reported that the developer and 15 newly created wallets controlled 82.45% of GOLD's supply and later dumped 224.5 million tokens for about $330,000, netting an estimated $312,000 profit. The Real Trump Coins account deleted related promotional posts on X, raising speculation that its social media may have been compromised.

Solana validators approved a sweeping change to the network's monetary policy, more than doubling its annual disinflation rate from 15% to 30%. Proposal SGP-0002 passed with 67% support, 25.16% against, and 7.84% abstaining, with nearly 61% of eligible stake participating. The shift keeps Solana's long-term inflation target at 1.5% but is expected to reach it in roughly 2.8 years instead of 5.7, removing an estimated 18.9 million SOL from issuance over the next six years. Major validators were split: Figment opposed the measure, while Helius and Jupiter backed it, and Kraken reversed course after initially voting against. The vote comes as the Bitwise Solana ETF recently surpassed $1 billion in assets under management.

California moved to curb memecoin activity by public officials, passing Assembly Bill 2409 with unanimous support in both chambers. The state Senate voted 40-0 on Wednesday to approve the bill, followed by a 78-0 concurrence vote in the Assembly, sending the measure to the governor's desk. The legislation targets conflicts of interest and so-called "pay-to-play arrangements" tied to memecoin issuance, and would prohibit digital asset service providers from coordinating with public officials on token launches. The bill now awaits gubernatorial signature before becoming law.