Source: Cointelegraph
Original: “Bubblemaps Claims: Fake Eric Trump-Themed Token is a 'Rug Pull in the Making'”
A fake Eric Trump-themed meme coin has surged over 6,200% in the past 24 hours after being launched on the Solana meme coin launch platform Pump.fun, prompting blockchain analysts to warn of potential "funds theft" risks.
A newly created ERICTRUMP meme coin, with the token address "jv7d," has surpassed a market capitalization of $140 million within just one day since its launch on May 16, according to CoinMarketCap data.
The distribution model of this meme coin has raised significant risk alarms, with blockchain data analysis platform Bubblemaps warning on May 16 via the X platform that these signals indicate a "well-planned" rug pull may be forming.
A rug pull typically refers to the sudden withdrawal of liquidity or large-scale sell-offs by insiders of the token, often leading to a sharp price collapse, leaving retail investors with worthless tokens.
Analyzing the token clusters of the top 250 holders, most of these tokens are concentrated in 10 token clusters controlled by 10 major crypto wallet addresses.
The ownership distribution pattern of this token is strikingly similar to recent meme coin collapse events, including the WOLF token inspired by the movie "The Wolf of Wall Street," which was developed by Official Melania Meme (MELANIA) and Libra token co-founder Hayden Davis.
Over 82% of the WOLF token supply was held by the same entity, leading to a 99% price drop after the token peaked at a market capitalization of $42 million.
"On the Pump.fun platform, the deployer of the fake Eric Trump token also created three other failed Eric Trump tokens," a Bubblemaps investigator revealed to Cointelegraph.
The blockchain data shared by the company shows that these tokens were all created by the Solana blockchain address "BjTm" within the same time frame.
Following the collapse of the LIBRA token endorsed by the Argentine president, industry observers have been increasingly vigilant in monitoring rug pulls. In that incident, eight internal wallets cashed out $107 million in liquidity, causing its market capitalization to evaporate by $4 billion in just a few hours.
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