Eric Trump meme on Solana is a rug waiting to be pulled: BubbleMaps

There is reportedly a fake Eric Trump-themed memecoin, named ERICTRUMP, on Solana’s Pump.fun platform, which has surged over 6,200% in 24 hours, reaching a market cap of $140 million as of May 16, 2025. 

Blockchain analytics firm Bubblemaps has flagged it as a potential rug pull, citing suspicious token distribution, and sentiments on X reflect similar opinions.

The Eric Trump memecoin has the markers of a rug pull

According to Bubblemaps’ token clusters for the 250 largest holders, over 91% of the token’s supply is concentrated across ten token clusters founded by 10 main wallets. This means a few players have unreasonable control, and it raises risks of price manipulation or a sudden liquidity withdrawal.

Bubblemaps also revealed that the same deployer, linked to Solana address “BjTm,” has created not one but three other failed Eric Trump-themed tokens, reinforcing scam concerns.

The pattern mirrors other memecoin collapses, including 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. The meme saw 82% of the supply held by one entity, which eventually led to a 99% crash after it peaked at a $42 million market cap.

Many are wary, especially after high-profile rug pulls like the LIBRA token, which lost $4 billion in market cap.

Posts on X also echo Bubblemaps’ warnings. Analysts have urged caution due to the token’s centralized control and lack of transparency, while the meme traders all seem to agree it is a rug waiting to happen.

Currently, the token is hovering around a $10 million market cap with barely any volume, even though it seems to be recovering from the huge dump that made traders extra wary.

There has been no official response from Eric Trump or his team at this time. Even though the token blatantly uses his likeness and name, its legitimacy remains unverified. The X account linked to it on DEXScreener also seems to have been suspended, further corroborating rug claims.

The Solana memecoin space may be maturing

The prompt response to the Eric Trump-themed memecoin points to a maturing Solana memecoin space.

Thanks to Bubblemaps’ technology, the red flags linked to the token, including huge centralization, sketchy deployer history, and parallels to past rug pulls like WOLF, were quickly identified.

Blockchain analysis has also become much more common thanks to tools and community discussions on social media. This is helping traders to spot scams faster and reflects growing vigilance.

This level of scrutiny was less common in earlier memecoin cycles, where traders aped into tokens based on hype and FOMO, abandoning due diligence. Still, there is more maturing to do because despite the suspicious nature of the token, it still managed to hit a $140 million market cap in 24 hours.

This is all thanks to speculative greed and FOMO, which continue to drive irrational investment. Solana is a low-cost, high-speed platform, and while those perks have helped it stay relevant, they also make it a magnet for pump-and-dump schemes via platforms like Pump.fun.

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