A meme coin using the name of Eric Trump surged over 6,200% in 24 hours, prompting blockchain analysts to warn of the potential for a crash.
This token was launched on May 16 through Solana's meme coin launch platform Pump.fun. Named "Eric Trump" (ERICTRUMP) and linked to the address "jv7d", this token reached a market capitalization of over $140 million in just one day, according to CoinMarketCap.
However, behind the hype, on-chain investigators are raising serious concerns. Analysts from Bubblemaps have flagged suspicious wallet activity related to the tokens, with over 80% of the reported supply concentrated in just 10 wallets.
Bubblemaps stated in a May 16 post on X that: "The distribution of this token raises suspicious signs indicating preparation for a rug pull."
Bubblemaps warns of suspicious wallet clusters behind the $140 million 'Eric Trump' token
The term rug pull refers to a common cryptocurrency scam in which insiders withdraw liquidity or dump large amounts of their holdings, causing prices to plummet and leaving retail investors holding worthless tokens.
Bubblemaps cluster analysis shows that the top 250 holders of ERCITRUMP are largely linked through 10 cryptocurrency addresses. Analysts say this pattern reflects the collapse of other recent meme coins.
One example is the token WOLF, created by Hayden Davis, co-creator of the MELANIA token themed around Melania Trump, which had 82% of its supply held by a single entity. That project peaked at $42 million before plummeting 99% in value.
The wallet behind the fake Eric Trump token identified as "BjTm" on the Solana blockchain has also been found to have launched at least three other unsuccessful Eric Trump tokens on Pump.fun, further fueling skepticism.
"This is becoming a familiar pattern," an investigator from Bubblemaps said, referring to the speed and similarity of recently launched meme coins that collapsed soon after their price increase.
So far, there has been no public comment from Eric Trump, and this token appears to have no official ties to him. The rapid increase and highly concentrated token ownership are raising eyebrows in the cryptocurrency community, especially as speculation about the meme coin continues to heat up on Solana.
Analysts are urging investors to exercise caution, warning that current activity could lead to a large-scale capital withdrawal by insiders.
A wave of fake political coins exploiting public figures as Solana scams rise in 2025
The sudden rise of fake Eric Trump tokens on Solana is just the latest cryptocurrency scam in a long pattern of cryptocurrency fraud targeting political figures to exploit their influence, and the active presence of the Trump family in this space seems to be driving this.
Since the launch of $TRUMP and $MELANIA, the cryptocurrency space has witnessed a boom of politically themed tokens.
According to a report by the Financial Times, more than 736 counterfeit coins have been sent to Trump's official wallet, perhaps to confuse investors or make fraudulent coins appear endorsed by the president.
Upon closer inspection, there are currently 192 tokens using the Trump family's name, including 67 tokens claiming to be "official." Some even deceive Trump's allies, like Tesla CEO Elon Musk, whose name appears in at least 35 newly launched tokens.
While political meme coins have brought cryptocurrency into the mainstream, they have also opened the door for bad actors. Public figures worldwide have become frequent targets.
In April, the verified X account of Lucy Powell, a Labour MP, was hijacked to promote a fake cryptocurrency based on Solana, called the "House of Commons Coin."
Although quickly taken down, the post leveraged Powell's official badge and nearly 70,000 followers to create credibility. It only garnered £225 in profits, but illustrates how easily scammers can hijack public trust.
Similar incidents have occurred with politicians in Argentina, Ghana, and the Philippines, while journalists and cryptocurrency media accounts like Watcher.Guru have also been compromised.
The methods remain the same: scams, account takeovers, and enticing advertisements to exploit follower trust.
As celebrity and political endorsements continue to spread to Web3, analysts warn that any popular token now has the potential to become a launchpad for fraudulent behavior.