Trump Token Mania: Over 6,000% Pump Or Classic Solana Trap?
A new Solana token named Eric Trump surged 6,200% in 24 hours, reaching a market cap of $140 million after launching on May 16. Over 80% of the token's supply is held in just 10 wallets, indicating a potential risk of collapse. The token's association with a known figure raises concerns about exploitation for attention. Analysis shows that the top 250 holders are interconnected, resembling patterns seen in previous tokens that experienced sharp declines. The same wallet has launched multiple unsuccessful Eric Trump tokens. More than 736 imitation tokens exist, with many using Trump family names. Scammers are also targeting political figures, as seen with a hijacked account promoting a fake token. Analysts advise caution with tokens that spike in value without clear backing and are concentrated in few wallets, warning that hype can quickly dissipate. Investors should scrutinize token ownership and be wary of rapid launches on low-cost networks like Solana.
