Eric Trump Meme Coin Raises Alarm of Potential Rug Pull

A newly launched Eric Trump-themed meme coin on Solana’s Pump.fun platform has surged over 6,200% in the past 24 hours, attracting scrutiny from blockchain analysts who warn of a possible rug pull. This fake token, named ERICTRUMP, already boasts a market capitalization exceeding $140 million since its debut on May 16th. Bubblemaps, a blockchain data platform, alerted the public to this potential scam via an X post on May 16th. They pointed out that the token’s ownership structure, reminiscent of past memecoin collapses like the WOLF token, indicates a high risk of rug pull activities.