A fake Eric Trump-themed memecoin launched on Solana’s memecoin launchpad Pump.fun, rose more than 6,200% in the past 24 hours, raising red flags among blockchain analysts who warned of a potential rug pull.
A newly-created Eric Trump (ERICTRUMP) memecoin with the token address “jv7d” surpassed $140 million in market capitalization within a day since its launch on May 16, CoinMarketCap data shows.
ERICTRUMP/USD, all-time chart. Source: CoinMarketCap
The memecoin’s distribution raises significant red flags that point to a rug pull “in the making,” warned blockchain data platform Bubblemaps in a May 16 X post.
Source: Bubblemaps
A rug pull typically refers to the sudden removal of liquidity or mass sell-off by token insiders, often resulting in a steep price collapse that leaves retail holders with worthless tokens.
Looking at Bubblemaps’ token clusters for the 250