A memecoin inspired by Eric Trump, launched on Solana's Pump.fun, surged over 6,200% in 24 hours, sparking concerns among blockchain experts. The Eric Trump (ERICTRUMP) memecoin quickly reached a market cap of $140 million within a day of its May 16 debut. Analysts from Bubblemaps flagged the distribution of the memecoin as a possible setup for a rug pull, where liquidity is suddenly removed or tokens are sold off, causing a sharp price drop. Similar patterns were seen in previous memecoin collapses like WOLF token. The creator of the fake Eric Trump token also launched three other failed tokens on Pump.fun. Industry experts are on high alert for rug pulls following recent incidents like the collapse of the Libra token. Stay informed with the Finance Redefined newsletter for the latest DeFi updates and financial insights. Read more AI-generated news on: https://app.chaingpt.org/news