New Eric Trump-Themed Memecoin Launches on Solana, Rises 6200% Before Raising Red Flags

A new Eric Trump-themed memecoin launched on Solana's memecoin launchpad Pump.fun, rose more than 6200% in the past 24 hours, raising red flags

A new Eric Trump-themed memecoin launched on Solana's memecoin launchpad Pump.fun, saw a staggering increase of more than 6,200% in the past 24 hours, sparking concerns among blockchain analysts.

As of Monday, May 15, the newly-created Eric Trump (ERICTRUMP) memecoin, with the token address "jv7d," had already surpassed $140 million in market capitalization. The memecoin's distribution on May 16.

"It seems like another rug is brewing on Pump.fun. A token named 'ERICTRUMP' got launched yesterday and it's already #250 on CMC. It's being fully sold on Pump.fun for 0.8 SOL (around $750 at the moment). But if you look at the token distribution on on-chain explorers, it's clear that something fishy is going on."

Indeed, the token's ownership pattern is strikingly similar to those of recent memecoin collapses, like the Wolf of Wall Street-inspired WOLF token, created by Hayden Davis, the co-creator of the Official Melania Meme (MELANIA) and the Libra (LIBRA) token.

Earlier this year, a large-scale rug pull unfolded with the WOLF token, as units of the token were being sold on major cryptocurrency exchanges.

At the time, blockchain analytics firm TokenInsight reported that over 82% of the WOLF token's total supply was held by a single entity, which ultimately led to a 99% price crash from its peak of $42 million in market capitalization.

"The deployer of this fake Eric Trump token also made three other Eric Trump tokens that got scammed on Pump.fun. They are all being made by the Solana address BjTm."