Fake Eric Trump-themed token is ‘rug in the making,’ says Bubblemaps
Summary
A fake Eric Trump-themed memecoin, ERICTRUMP, launched on Solana's Pump.fun, surged over 6,200% in 24 hours, reaching a market cap of over $140 million. Analysts raised concerns about a potential rug pull due to the token's distribution, with most holdings concentrated among 10 addresses. This pattern mirrors previous memecoin collapses, such as the WOLF token, where over 82% of the supply was held by a single entity, resulting in a 99% price crash. The deployer of ERICTRUMP also created three other failed tokens on Pump.fun. Increased vigilance regarding rug pulls has emerged following significant losses from tokens like LIBRA, which saw insiders cash out $107 million, leading to a massive market cap loss.
