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A new Solana token named ‘Eric Trump’ skyrocketed 6,200% in 24 hours, reaching a $140M market cap—but on-chain data reveals alarming concentration in just 10 wallets. Analysts warn this mirrors classic rug-pull schemes, where early holders dump tokens, leaving retail investors with heavy losses.
- Over 80% of the Eric Trump token supply is concentrated in 10 wallets, a hallmark of potential rug-pull schemes.
- The same issuer ('BjTm') has launched three other failed Trump-themed tokens, part of 736 political meme coin imitations.
- Scammers are expanding beyond U.S. figures, as seen in a hijacked UK MP's X account promoting a fake Solana token.
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