Eric Trump Coin Gets Rug Pulled

A fake meme coin based on Eric Trump underwent a massive rug pull today, falling from a $160 million market cap to $30,000 almost instantly.

A fake meme coin based on Eric Trump underwent a massive rug pull today, falling from a $160 million market cap to $30,000 almost instantly. The token displayed several dubious characteristics ahead of time.

The scammer tried to launch three failed Eric Trump tokens before this one started trending. One breakout success is more than enough to reward this duplicitous behavior.

Eric Trump Coin Gets Rug Pulled

Rug pull scams are a growing part of the crypto ecosystem, and fake meme coins are a core component of the “sector.” Today’s Eric Trump rug pull was particularly egregious, as it was clearly telegraphed in advance.

After the meme coin spiked 6,200% in less than a day, Bubblemaps investigated the asset, warning followers not to fall for it:

“A rug in the making. ERICTRUMP is currently trending on most platforms. Avoid it,” he stated several hours before the rug pull. The warning received more than 100,000 views.

Specifically, he noted that the token was bundled to an absurdly large degree. A small number of accounts held most Eric Trump tokens, facilitating an easier exit whenever the scammer decided to pull the rug.

When President Trump launched his own meme coin, the saga that led to this scam began. TRUMP broke new ground in combining fame and political success to boost a cryptoasset’s value, and an official MELANIA token came out shortly afterward.

After this, fake coins and rug pulls began using other Trump family members’ names, including Eric.

Hackers promoted a fake BARRON coin in February, joining several other Trump-themed scams. Blockchain data reveals that the proprietor of this rug pull tried to launch three other Eric Trump coins before this one.