There is reportedly a fake Eric Trump-themed memecoin, named ERICTRUMP, on Solana's Pump.fun platform

There is reportedly a fake Eric Trump-themed memecoin, named ERICTRUMP, on Solana's Pump.fun platform, which has surged over 6200% in 24 hours

A new fake Eric Trump-themed memecoin, named ERICTRUMP, has quickly surged over 6,200% in 24 hours on Solana’s Pump.fun platform, reaching a market cap of $140 million as of Monday (May 16), but blockchain analytics firm Bubblemaps has already flagged it as a potential rug pull.

According to the firm’s token clusters for the 250 largest holders, over 91% of the token’s supply is concentrated across ten token clusters founded by 10 main wallets. This means a few players have unreasonable control, and it could increase the risks of price manipulation or a sudden liquidity withdrawal.

It is common knowledge that a large portion of a token’s supply being held by a small number of entities could be a sign of a potential rug pull.

In addition, another analysis by the firm revealed that the same deployer, linked to Solana address BjTm, has created not one but three other failed Eric Trump-themed tokens, further reinforcing scam concerns.

This pattern closely mirrors the collapse of other meme tokens 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.

The meme saw 82% of the token’s supply was held by one entity, which eventually led to a 99% crash after it peaked at a $42 million market cap.

Many are also wary after high-profile rug pulls like the LIBRA token, which saw $4 billion in market cap get wiped out.

Analysts on X, formerly Twitter, are also advising caution over the token due to its centralized control and lack of transparency, while the meme traders all seem to agree it is a rug waiting to happen.

Currently, the token is hovering around a $10 million market with barely any volume, even though it seems to be recovering from the huge dump that had traders extra wary.

There has also been no official response from Eric Trump or his team at this time. Despite the token blatantly using his likeness and name, its legitimacy remains unverified. The X account linked to it on DEXScreener also seems to have been suspended, further corroborating rug claims.

Solana memecoins may be maturing

The prompt response to the Eric Trump-themed memecoin speaks to a maturing Solana memecoin space.

Thanks to Bubblemaps’ technology, the red flags linked to the token, including huge centralization, sketchy deployer history, and parallels to past rug pulls like WOLF, were quickly identified.

Blockchain analysis has also become much more common thanks to tools and community discussions on social media. This is helping traders to spot scams faster and reflects growing vigilance.

This level of scrutiny was less common in earlier memecoin cycles, where traders aped into tokens based on hype and FOMO, abandoning due diligence.

Still, there is more maturing to do because despite the suspicious nature of the token, it still managed to hit a $140 million market in 24 hours.

This is all thanks to speculative greed and FOMO, which continue to drive irrational investment. Solana is a low-cost, high-speed platform, and while those perks have helped it stay relevant, they also make it a magnet for pump-and-dump schemes via platforms like Pump.fun.