Source: Cointelegraph
Original text: (Bubblemaps states: The counterfeit Eric Trump themed token is a 'rug pull in preparation')
A fraudulent Eric Trump themed meme coin surged over 6,200% within the past 24 hours after being launched on the Solana meme coin launch platform Pump.fun, prompting blockchain analysts to warn of potential 'funds escaping' risks.
A newly created ERICTRUMP meme coin, with the token address "jv7d", has seen its market cap exceed $140 million in just one day since its launch on May 16, according to CoinMarketCap data.
The distribution model of this meme coin has triggered significant risk alerts, with blockchain data analysis platform Bubblemaps warning on May 16 on X platform that these signals suggest a 'carefully planned' rug pull may be in formation.
A rug pull typically refers to the sudden withdrawal of liquidity or mass selling by insiders of a token, often leading to a sharp price collapse, leaving retail investors with tokens worth virtually nothing.
View Bubblemaps' cluster analysis of the 250 largest holders, with most of these tokens concentrated in 10 token clusters controlled by 10 major crypto wallet addresses.
The ownership distribution model of this token is strikingly similar to several recent meme coin collapse incidents, including the WOLF token inspired by the movie (Wolf of Wall Street), which was developed by the co-founders of Official Melania Meme (MELANIA) and the Libra token, Hayden Davis.
Over 82% of the WOLF token supply is held by the same entity, which caused the token's price to plummet by 99% after reaching a market cap peak 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.
Blockchain data shared by the company indicates that these tokens were all created by the Solana blockchain address "BjTm" within the same time frame.
Following the collapse of the LIBRA token backed by the Argentine president, industry observers have become increasingly vigilant in monitoring rug pulls. In this incident, eight internal wallets cashed out $107 million in liquidity, leading to a market cap evaporation of $4 billion in just a few hours.
