A faux Eric Trump-themed memecoin launched on Solana’s memecoin launchpad Pump.enjoyable, rose greater than 6,200% up to now 24 hours, elevating pink flags amongst blockchain analysts who warned of a possible rug pull.
A newly-created Eric Trump (ERICTRUMP) memecoin with the token tackle “jv7d” surpassed $140 million in market capitalization inside a day since its launch on Might 16, CoinMarketCap data exhibits.
The memecoin’s distribution raises vital pink flags that time to a rug pull “within the making,” warned blockchain knowledge platform Bubblemaps in a Might 16 X post.
A rug pull usually refers back to the sudden elimination of liquidity or mass sell-off by token insiders, usually leading to a steep worth collapse that leaves retail holders with nugatory tokens.
Taking a look at Bubblemaps’ token clusters for the 250 largest holders, nearly all of these tokens are held throughout 10 token clusters, based by 10 essential crypto addresses.
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The token’s possession sample is harking back to current memecoin collapses, together with the Wolf of Wall Street-inspired WOLF token, created by Hayden Davis, the co-creator of the Official Melania Meme (MELANIA) and the Libra token.
Over 82% of the WOLF token’s provide was held by the identical entity, which led to a 99% worth crash after the token peaked at a $42 million market capitalization.
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Eric Trump token deployer created 4 rip-off tokens
The deployer behind the faux Eric Trump token additionally created three different Eric Trump tokens that failed on Pump.enjoyable,” a Bubblemaps investigator instructed Cointelegraph.
Blockchain knowledge shared by the agency exhibits that these tokens have been all created across the identical time by the Solana blockchain tackle “BjTm.”
Trade watchers have been more and more vigilant about rug pulls because the meltdown of the Libra (LIBRA) token, endorsed by Argentine President Javier Milei, which noticed eight insider wallets cash out $107 million in liquidity, resulting in a $4 billion market cap wipeout inside hours.
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