A new memecoin themed after Eric Trump, launched on Solana's platform Pump.fun, has surged over 6,200% in just 24 hours, prompting concerns of a potential rug pull. The token, named ERICTRUMP, quickly reached a market capitalization exceeding $140 million shortly after its launch on May 16. Analysts from the blockchain data platform Bubblemaps have flagged the token's distribution as suspicious, indicating a possible rug pull in progress, which typically occurs when token insiders withdraw liquidity or engage in mass sell-offs, leaving investors with devalued assets. The majority of ERICTRUMP tokens are concentrated among a few top holders, drawing parallels to previous memecoin failures. The deployer of this token, linked to the Solana address 'BjTm', had previously created three other failed tokens associated with Eric Trump, intensifying scrutiny. This incident follows increased vigilance over rug pulls in the crypto sphere, especially after high-profile collapses, such as the LIBRA token, which suffered significant market losses due to insider activity.

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