Eric Trump Token Surges 6,200% in 24 Hours, Raising Scam Concerns

A new Solana token named Eric Trump experienced a meteoric rise, surging 6,200% within just 24 hours. Launched on May 16 via the Pump.fun launchpad, the token quickly amassed a market capitalization of 140 million. However, the rapid influx of traders was met with caution as on-chain detectives revealed that over 80% of the supply was concentrated in just 10 wallets. This level of concentration is often a red flag, indicating a potential setup for a sudden collapse.

Using a well-known figure’s name can be a quick way to grab attention, but it also raises concerns about the legitimacy of the token. The token’s ties to “jv7d” on Solana, as reported by Bubblemaps, raised red flags. When insiders hold most of the coins, they can dump them at will, leaving retail investors with heavy losses. The warning signs were clear: cluster analysis showed that the top 250 holders were linked through a handful of addresses, mirroring the pattern of the WOLF token, which hit 42 million before plummeting to almost nothing. Analysts suggest that these moves fit the classic rug-pull script, where early backers cash out at the peak and then vanish.

The same wallet, known as “BjTm,” has already launched three other Eric Trump tokens that fizzled quickly. More than 736 imitation tokens have been pushed into the official Trump wallet space, with 192 using Trump family names and 67 claiming to be “official.” Even Elon Musk’s name crops up in at least 35 of them. This trend highlights the growing risk of scams in the cryptocurrency space, where high-profile names are used as bait to attract unsuspecting investors.

Scammers are not limited to US figures. In April, the verified X account of a UK MP was hijacked to promote a fake Solana token, tapping into her 70,000 followers and netting just 225. This incident showed how a trusted badge can fool people, underscoring the need for caution in the cryptocurrency market. Analysts urge investors to be wary of tokens that experience rapid value spikes without clear backing, especially when most coins are held in a few wallets. Blind loyalty to a name, political or otherwise, can turn into financial pain.

As more political meme coins pop up, the risk grows. Every high-profile name could become bait. Investors should check who holds the tokens, watch for rapid launches on cheap networks like Solana, and keep in mind that hype can vanish as fast as it appears. In a space where hype often trumps fundamentals, staying alert might be the best way to stay afloat.