Crypto World
GOLD token crashes 99% after Trump-linked post, $1M dump
Trump Digital Gold has crashed 99% from its peak after wallets controlling 82.45% of the Solana token’s supply sold their holdings for about $1.01 million.
Summary
- Connected wallets sold 824.54 million GOLD tokens for 9,784.6 SOL, according to EmberCN.
- GOLD briefly reached a $66 million market cap after a Trump-affiliated merchandise account promoted it.
- The token’s market cap fell from $55 million to $1 million in about 30 seconds.
- U.S. regulators warn that social media promotions are frequently used in crypto pump-and-dump schemes.
GOLD wallets sold 82.45% of the token supply
On-chain analyst EmberCN reported on Aug. 29 that wallets linked to the Trump Digital Gold token had sold their entire holdings two hours before the post, receiving 9,784.6 Solana tokens worth approximately $1.01 million.
The wallets collectively controlled 824.54 million GOLD tokens, equal to 82.454% of the asset’s total supply, through a combination of pre-allocation and purchases made shortly after trading began. Such concentrated ownership allowed the connected addresses to sell most of the circulating supply once other traders entered the market.
EmberCN called the wallets the token’s “scammers,” although no law enforcement agency or U.S. regulator had publicly identified the people controlling the addresses at the time of writing. The on-chain analyst’s post also did not name GOLD’s developers or provide evidence linking its creators directly to President Donald Trump, his family, or the Trump Organization.
GOLD was created on Solana at 7:38 a.m., according to the timeline shared by EmberCN. Less than two hours later, an X account using the handle @realtrumpcoins1 posted the token’s contract address, giving traders a direct route to buy the new asset.
The account is associated with a Trump merchandise collaboration, but its connection to branded products does not by itself establish that GOLD was an official Trump project. TrumpStore.com identifies itself as the Trump Organization’s official retail website, while the organization’s website directs customers to TrumpStore.com for its official merchandise. Neither page identified GOLD as an authorized digital asset.
Trump-linked promotion sent GOLD to a $66M peak
At around 9 a.m., the contract-address post from @realtrumpcoins1 prompted a rapid increase in trading, EmberCN said. GOLD’s market capitalization briefly reached $66 million as buyers entered the newly created market.
The token remained volatile over the next several hours before the promotional post disappeared at 11:48 a.m. According to the analyst, the connected wallet cluster began selling at the same time the account deleted the message.
Heavy selling drove GOLD’s market cap from approximately $55 million to $1 million in about 30 seconds. The addresses continued exchanging their tokens for SOL until they had disposed of the full 824.54 million-token position by around 2 p.m.
By the time EmberCN published the findings, GOLD’s market cap had fallen to approximately $700,000, representing a decline of nearly 99% from its $66 million peak. The analyst estimated that the sellers had converted their position into $1.01 million of SOL based on the cryptocurrency’s value at the time.
A separate report citing Lookonchain described 15 wallets as linked to the team and said some of the addresses had bought GOLD before the promotional post appeared. Neither on-chain account identified the owners of the wallets, and the available blockchain records alone do not establish whether the same people controlled the token or the X account.
No public statement cited by EmberCN showed that Donald Trump promoted GOLD himself. The token is also separate from Official Trump (TRUMP), the Solana memecoin launched in January 2025 and publicly promoted through Trump’s verified social media accounts.
GOLD crash follows a familiar Solana token pattern
The concentration of GOLD’s supply left buyers exposed to sales from a small wallet group. Once the holders of more than four-fifths of the supply exited, the token had few buyers capable of absorbing the volume entering the market.
As crypto.news previously explained, Solana launch platforms can make token creation and early trading almost immediate. The same process lets automated buyers, bundled wallets, and insiders acquire large positions before most retail traders find the asset.
Traditional rug pulls involve developers removing liquidity from a decentralized exchange pool. A token can also collapse when connected wallets control most of its supply and sell into demand created by social media promotion, even when liquidity has not been directly withdrawn.
GOLD’s sequence closely resembles an earlier incident involving BARRON, an unofficial token named after Trump’s son. In January 2025, an insider wallet bought 136.35 million BARRON tokens for about $1,048 before exchanging the position for 4,405 SOL worth roughly $1.05 million after the token rallied, according to a report on the dump.
Another politically branded token drew scrutiny in May 2026 after Bubblemaps connected more than 200 newly funded wallets to nearly all of its initial supply. Wallets associated with the Ghanaian former president-themed CWU token sold about $600,000 while related addresses still controlled around 85%, according to the platform’s wallet-cluster findings.
Official Trump has faced separate questions in the United States. In August, U.S. senators called for the Securities and Exchange Commission to examine whether the official token had operated as a “soft rug pull” after falling about 98% from its peak. Nansen data cited by the lawmakers showed that 988,905 of the 1.48 million wallets that bought TRUMP held combined losses of approximately $3.81 billion, as detailed in the SEC probe request.
The lawmakers’ request did not establish that fraud occurred. Any enforcement decision would require regulators to examine the token’s structure, promotion, distribution, and the economic facts surrounding its sale.
U.S. rules leave meme coin buyers with limited protection
For U.S. traders, the SEC’s Division of Corporation Finance said in February 2025 that the offer and sale of meme coins fitting its description generally do not involve securities under federal law. The staff viewed such assets as collectibles purchased mainly for entertainment, social interaction, and cultural purposes rather than investments tied to a business operation.
The SEC staff statement also said holders of meme coins covered by its analysis do not receive the protections of federal securities laws. The assessment is not binding law, and the agency said it would examine the economic reality of any product that uses a meme coin label to avoid securities requirements.
Fraudulent conduct can still lead to action under other federal or state laws even when a token is not considered a security, according to the SEC. Its Office of Investor Education and Advocacy has separately warned that fraudsters may create culture-themed tokens, promote them on social media to raise the price, and then sell their holdings before the attention disappears.
Under the agency’s description of a crypto pump-and-dump, promoters profit from the inflated price while later buyers can suffer steep losses. The investor alert advises traders not to rely solely on social media posts or celebrity associations when deciding whether to buy a crypto asset.
Reform UK has stripped crypto firms from its conference sponsor list. The move lands days after British police revealed a $1.4 million Bitcoin forfeiture.
Nigel Farage’s party is selling diplomats and manufacturers instead.
Reform UK Cuts Crypto Sponsors Before Birmingham
Reform UK’s annual conference opens in Birmingham next week. Last year the digital payments firm Zebec headlined as a key backer. This year no crypto company appears on the sponsor list.
Perks have gone too, with free tickets and access to senior figures also cut, Bloomberg reported, citing people familiar with the arrangements.
It comes as a parliamentary probe is examining whether Farage should have declared £5 million from Christopher Harborne, a Thailand-based crypto investor. Farage’s crypto lobbying has drawn separate scrutiny this year.
Diplomats and Manufacturers Take the Stage Instead
Farage’s populist party holds just eight of 650 Commons seats, yet polls place it in contention for 2029.
Honorary treasurer Nick Candy is promoting foreign guests. Envoys from India, Italy, Poland, the UAE and the US are expected, alongside French National Rally leader Jordan Bardella.
“The scale and breadth of the diplomatic presence at the conference next week is a clear indication of how seriously Reform is being taken internationally,” Nick Candy, Reform UK honorary treasurer, speaking to Bloomberg.
However, not everyone is convinced. Renewable energy executives remain reluctant to appear, according to a City of London public relations executive. They fear legitimizing the party.
On its first business day, it sold more than 600 tickets, drawing JCB, TikTok and Heathrow.
So is Reform done with crypto? Not on paper. It has announced no policy changes regarding digital assets, and the retreat focuses on sponsors and perks rather than positions.
Birmingham will show a party managing its image while an investigation runs, not one abandoning crypto.
Police Traced 20.21 Bitcoin Back to 2016
Elsewhere but still in the UK, Avon and Somerset Police recovered 20.21 BTC, other crypto and money in a bank account, worth £1,032,487.86.
Investigators tied the funds to darknet marketplaces that ran from 2016 to 2019. These were hidden shopping sites, reachable only through anonymizing software, that sold drugs and facilitated human trafficking.
A blockchain keeps every transaction on a permanent public record, so coins moved in 2016 still leave a trail.
The owner had died before the forfeiture was completed. Under the Proceeds of Crime Act, however, the case runs against the property, not the person.
It is the force’s largest crypto recovery since Britain introduced wallet freezing orders in April 2024. Bigger hauls exist, including a £114 million Bitcoin seizure.
Recovered funds go back into community and policing programs.
The post Reform UK Drops Crypto Sponsors: What Does Farage Want Instead? appeared first on BeInCrypto.
The United States has secured majority control of more than 65 billion barrels of Venezuela’s oil reserves, which could reshape global energy markets, but does it actually matter for bitcoin and crypto?
President Trump announced on Friday that the US had secured majority control through an agreement involving Washington, Venezuela, and private businesses. He called it the “biggest oil deal in world history” and said it would substantially increase America’s effective oil reserves and ultimately bring down fuel prices.
65 Billion Barrels, But There’s a Catch
The analysts at the Kobeissi Letter noted that the US currently has around 46 billion barrels of proven domestic crude reserves. Adding control over another 65 billion would bring the combined figure to over 110 billion, roughly 7% of global proven reserves. In other words, the US-controlled total would be around the same as the UAE’s and ahead of Kuwait’s.
According to some leaked details, the deal covers 17 Venezuelan oilfields, including projects in the resource-rich Orinoco Belt and Lake Maracaibo. A new structure would give the US a majority operational position, while American companies are expected to provide much of the capital and expertise needed to increase production.
Venezuela has also projected close to $100 billion in private investment tied to the broader agreement. However, here comes the catch. Those barrels are all reserves, not immediate supply.
Venezuela currently produces around 1.2 million barrels per day, a fraction of what its enormous resource base theoretically allows due to years of underinvestment, deteriorating infrastructure, power problems, and other issues. Reuters reported that even the country’s ports are already struggling with current export volumes, with some tankers waiting weeks to load.
Lower Oil Good for Bitcoin?
Oil has been one of the biggest inflationary pressures this year as the conflict in the Middle East and disruptions around the Strait of Hormuz have pushed crude prices sharply higher. In general, more expensive oil feeds into fuel, transportation, manufacturing, and ultimately consumer prices.
If Venezuelan supply expands significantly over the coming years and helps decrease oil prices, the result could be weaker inflationary pressure, which, in turn, could give the Fed more room to ease monetary policy, unlike the present situation. This would be considered bullish for crypto, since the asset class tends to benefit from such macro conditions.
The deal, which was later confirmed by Venezuela’s President, comes at an interesting time – right after Fed Chair Kevin Warsh delivered a hawkish speech at Jackson Hole. He warned that inflation remains too high and indicated that policymakers could still have “work to do” if price pressures fail to move convincingly toward the central bank’s target of 2%.
If oil remains elevated due to the war in the Middle East, inflation is likely to continue preventing the Fed from pivoting. However, if Venezuela eventually becomes a substantial new source of reliable supply, the landscape can change.
Ultimately, the oil deal between the US and Venezuela is unlikely to translate into an immediate impact on BTC and crypto, as there’s no direct connection between the two. However, the long-term perspective is more bullish than bearish, especially if Venezuela improves its production lines and prices indeed fall, as Trump predicted.
The post US Secures 65 Billion Barrels of Venezuelan Oil: Could This Be Bullish for Bitcoin? appeared first on CryptoPotato.
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Spot XRP ETFs pulled in $110.49 million in net inflows for the week ending August 28, their strongest weekly haul of 2026 by a wide margin.
That surge pushed cumulative net inflows to $1.66 billion, with total net assets climbing to $1.44 billion across all funds.
XRP ETFs Smash Their Weekly Inflow Record This Year
Most of 2026 told a quieter story. Negative weeks hit in late January, mid-March, and briefly in July, followed by a near-dead stretch of inflows through early August, right before this week’s breakout.
The $110.49 million pulled in this week is the year’s best, though it still trails the all-time high of $243.95 million set during the week in late November 2025.
Measured against 2026 alone, this week more than doubled the previous top mark, a $60.5 million week back in mid-May, according to SoSoValue data. Trading activity spiked alongside it, with $363.03 million changing hands, the busiest week since these funds launched.
While XRP ETFs posted a $26.20 million net inflow that day, Bitcoin funds saw $201.81 million in net outflows, and Ethereum funds saw $102.18 million in net outflows, highlighting XRP’s steadier institutional demand even as Bitcoin faced heavy selling pressure.
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XRP Price Pulled Back From $1.70 Resistance
The inflow surge did not track XRP’s own price this week. The token traded near $1.38 as of August 29, according to CoinGecko data, down 2.3% over 24 hours and 7.8% over the past week, after briefly testing resistance near $1.70 earlier in the period before pulling back sharply.
That divergence stands out. Institutional inflows accelerated even as the token itself corrected lower, suggesting funds may be accumulating into weakness rather than simply chasing price strength.
Total net assets across the ETF group nearly tripled in a single week, jumping from roughly $933 million to $1.44 billion, reflecting the surge in fresh capital despite the price pullback.
Whether this pace of inflows continues remains an open question. The ETFs already showed this year that strong weeks can be followed by long stretches of muted demand, and XRP itself remains in a clear corrective phase after its sharp run toward $1.66, now trading roughly 8% below that level.
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The post XRP ETFs Hit a New 2026 Record at $1.6 Billion appeared first on BeInCrypto.
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Ethereum’s explosive rally has stalled around a major resistance area, with price action now turning increasingly choppy near $2.5K. The broader recovery remains intact, but weakening short-term structure and a more hawkish macro backdrop raise the probability of consolidation or a corrective pullback before another sustained advance.
Ethereum Price Analysis: The Daily Chart
Ethereum is consolidating after its powerful breakout from the $1.85K-$1.92K base. The price has now reached the major $2.4K-$2.52K supply zone, where buyers have so far struggled to generate another impulsive continuation. The repeated rejection around this region suggests that supply is becoming increasingly relevant following the near-vertical advance.
As a result, choppy consolidation appears likely in the short term, while a corrective move should not be ruled out. The first notable support sits around the $2.21K-$2.31K zone. Below it, the $2.06K-$2.14K area represents the next important support region and could become relevant if selling pressure accelerates.
The macro environment is also adding pressure. Federal Reserve Chair Kevin Warsh’s latest Jackson Hole remarks emphasized that inflation remains too elevated and suggested that rates may need to remain restrictive or potentially move higher if inflation fails to make sufficient progress toward the Fed’s 2% objective.
Markets interpreted the comments as hawkish, with expectations for another rate increase rising after the speech. This backdrop appears to be weighing on risk sentiment and could make an immediate Ethereum breakout more difficult.
ETH/USDT 4-Hour Chart
The short-term picture is showing clearer signs of exhaustion. Ethereum has repeatedly tested the upper portion of the $2.4K-$2.52K resistance zone, producing three successive peaks around the same broad area.
This price action creates the potential for a three-drive pattern. Such a structure typically signals that the preceding directional move is losing momentum and can precede either a sideways range or a temporary reversal. More importantly, Ethereum has now slipped below the ascending trendline connecting the recent higher lows, adding weight to the possibility that the immediate bullish impulse is weakening.
The first downside area to monitor remains the $2.21K-$2.31K pullback zone. A correction into this region would still be compatible with the broader bullish structure and could allow the market to establish a healthier base. If that support fails, the second pullback zone around $2.07K-$2.11K becomes the next significant target.
Alternatively, holding the current $2.4K area and reclaiming the rising trendline would reduce the immediate bearish pressure. A convincing breakout through the $2.52K region would also invalidate the developing reversal setup and favor continuation of the broader bullish trend.
Sentiment Analysis
Ethereum’s Spot Average Order Size chart provides additional context for the current indecision. The metric distinguishes periods dominated by larger whale-sized spot orders from more ordinary market activity.
Most recent observations appear to be classified as normal orders, with no notable concentration of large whale transactions at the latest readings. This suggests that neither exceptionally strong whale demand nor aggressive whale supply is currently dominating the spot market.
The absence of substantial large-player participation fits the technical consolidation scenario. With limited evidence of strong directional conviction and relatively subdued participation, Ethereum may remain vulnerable to volatile swings within a range rather than immediately establishing another sustained trend. A meaningful return of large whale orders could therefore provide a more useful signal that stronger demand or supply is entering the market.
The post Where Will ETH Find Support After the $2.5K Rejection? (Ethereum Price Analysis) appeared first on CryptoPotato.
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