Eric Trump Coin (ERC) Price Explodes 6200% as Scammers Target Solana

According to blockchain data, a new Solana token named Eric Trump shot up 6,200% in just 24 hours. It sprang to life on May 16 via the Pump.fun launchpad and swelled

A new Solana token named after former President Donald Trump's son, Eric Trump, has shot up 6,200% in just 24 hours, according to blockchain data.

The token, which is being sold on the Pump.fun launchpad, began trading on Monday, May 15. It quickly swelled to a market cap of 140 million.

However, on-chain detectives have noticed that more than 80% of the token's total supply is now held by just 10 wallets.

This kind of extreme token concentration is often a setup for a sudden collapse, especially when large-scale dumps are anticipated.

Political Name Exploitation

The use of a well-known figure's name is a way to quickly grab attention in the competitive world of crypto tokens.

As highlighted by reports from Bubblemaps, the token's ties to "jv7d" on Solana integrate closely with the launchpad. But when insiders hold most of the coins, they can easily dump them at will, leaving those who bought at higher prices with significant losses.

Retail investors, who typically buy at higher levels, will be left to bear the brunt of the remaining tokens, which could lead to substantial losses for them.

Warning Signs On-Chain

Further analysis using cluster analysis software on the top 250 holders shows a strong linkage through a small handful of addresses. This pattern is strikingly similar to the WOLF token, which famously rose to 42 million before plunging to almost nothing.

Analysts familiar with these rapid moves say they align closely with the classic rug-pull script, where early backers cash out at the peak of the market and then vanish.

Copycat Tokens Multiply

The same wallet, known as "BjTm," has already launched three other Eric Trump tokens, all of which fizzled out quickly. According to data from CoinMarketCap, more than 736 imitation tokens have been pushed into the official Trump family wallet space. Of those, 192 use Trump family names, and 67 claim to be "official." Even Elon Musk's name appears in at least 35 of them.

Global Political Targets

Scammers are also known to target political figures from other countries. In April, the verified X (formerly Twitter) account of UK MP Lucy Powell was hijacked to promote a fake Solana token. The scam tapped into Powell's 70,000 followers, and though it only netted 225, it showed how a trusted badge can be used to deceive people.

Investor Warning Lights

Given this pattern, analysts are advising investors to exercise extreme caution. They suggest that if a token's value rises rapidly without any fundamental news or a clear narrative to support it, and a large percentage of the tokens are held by a small number of wallets, it could be a warning sign to step back.

Additionally, they caution against blind loyalty to a name, whether political or otherwise, as it could lead to financial pain.

What Comes Next

As the number of political meme coins continues to grow, the risk of scams and rug-pulls is also increasing. With every high-profile name that becomes a target, the potential for large-scale scams becomes greater.

Investors are advised to be vigilant in checking which wallets hold the tokens, monitor for new launches on cheap networks like Solana, and be aware that hype can disappear as quickly as it appears.

In a space where hype often overpowers fundamentals, staying alert might be the best strategy for investors to navigate the complexities of the market.