The fake Eric Trump-themed memocoin launched at Solana’s Memecoin Launchpad Pump.Fun has risen over 6,200% in the last 24 hours, raising a red flag among blockchain analysts who warned about potential rug pulls.
The newly created Eric Trump (Eric Trump) memocoin with the “JV7D” surpassed its $140 million market capitalization within a day of its release on May 16th.
The distribution of Memecoin raised an important red flag on the X-Post “in-produced” rug pull, warning that it was “made.”
Rug pull usually refers to the sudden removal or bulk sale of liquidity by token insiders, often resulting in a sudden price collapse in which retailer owners leave unworthy tokens.
Looking at the token clusters of Bubblemaps for the largest holders of 250, the majority of these tokens are held across 10 token clusters established by 10 major crypto addresses.
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The token ownership pattern is reminiscent of the recent breakdown of Memocoin created by Wall Street-inspired wolf tokens, Hayden Davis, and the official Melania Meme (Melania) co-creators and Libra Token co-creators.
A 99% price crash occurred after the token peaked at a market capitalization of $42 million, as more than 82% of the supply of wolf tokens were held by the same entity.
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Eric Trump Token Deployer Created 4 Scamming Tokens
The unfolder behind the fake Eric Trump token also created three other Eric Trump tokens that failed in Pump.Fun.
The blockchain data shared by the company indicates that all of these tokens were created at the same time by the Solana blockchain address “BJTM”.
Since the Libra token meltdown approved by Argentine President Javier Mirei, industry watchers have become increasingly wary of lagpur.
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