Eric Trump's suspicious Memecoin raises fears of a rug pull: Bubblemaps

A token associated with Eric Trump has seen its value increase by approximately 6,200% since its launch last week on Pump.Fun, a website where many memecoins are introduced to the market. On its first day of trading, the token exploded to become a project worth 140 million dollars, according to information provided by CoinMarketCap. The astonishing rise of the token has raised serious concerns within the blockchain industry about the possibility that it will experience a typical "rug pull." This term describes a scam in which the creators of the token quickly remove liquidity or sell their shares, causing the token's price to plummet before buyers receive worthless coins. Bubblemaps has drawn attention to the unusual concentration of holdings related to the memecoin. An assessment of the token transactions shows that 10 distinct addresses hold the majority of the top 250 wallets. This is "a rug pull in the making," Bubblemaps posted on X on May 16. The ownership structure of ERICTRUMP is similar to that before tokens like WOLF collapsed. The creators of WOLF are also the ones responsible for creating Official Melania Memecoin and the failed LIBRA project. WOLF lost almost all of its value after skyrocketing to a market capitalization of 42 million dollars, primarily due to a single user holding over 82%. It has been discovered that the creator of the ERICTRUMP token attempted to launch multiple other Eric Trump tokens on Pump.Fun, but none of the tokens achieved significant success. A researcher from Bubblemaps revealed, "the deployer behind the fake Eric Trump token also created three other Eric Trump tokens that failed on Pump.Fun," according to a report by Cointelegraph. Recent events are taking place in response to the growing attention and suspicion surrounding various projects leading to significant losses. Argentinians still remember the LIBRA project as a concerning experiment initiated by their president. Eight internal wallets have withdrawn a total of 4 billion dollars in market value from the project in a short amount of time. Moreover, a report from Solidus Labs has labeled 98% of Pump.Fun tokens as a "scam." This adds to the seriousness of concerns regarding the rug pull surrounding the memecoin Eric Trump.