Fake Eric Trump meme coin gets Rug Pull after hitting $160 million market Capital

A fake meme coin based on Eric Trump has undergone a massive rug pull today, dropping from a market capitalization of 160 million USD to just 30,000 USD almost instantly. This Token had displayed several suspicious characteristics previously.

The scammer had attempted to launch three failed Eric Trump tokens before this token began to gain prominence. A breakthrough success was enough to reward this fraudulent behavior.

Eric Trump Coin Rug Pulled

Rug pulls are increasingly growing in the cryptoasset ecosystem, and fake meme coins are a core part of this "industry". Today's Eric Trump rug pull was particularly severe, as it was clearly forewarned.

After the meme coin surged 6,200% in less than a day, Bubblemaps investigated this asset, warning Watchers not to fall into the trap:

"A rug is being pulled. ERICTRUMP is currently prominent on most platforms. Stay away from it," he declared a few hours before the rug pull occurred. This warning received over 100,000 views.

Specifically, he noted that the token had been bundled to an unreasonable degree. A few accounts held most of the Eric Trump tokens, making it easier to exit whenever the scammer decided to perform a rug pull.

When President Trump launched his own meme coin, the story leading to this scam began. TRUMP opened a new path in combining political reputation and success to increase the value of a cryptoasset, and an official MELANIA token appeared shortly after.

Subsequently, fake coins and rug pulls began using names of other Trump family members, including Eric.

Hackers had promoted a fake BARRON coin in February, participating in multiple scams related to the Trump family. Blockchain data reveals that the owner of this rug pull had attempted to launch three other Eric Trump coins before this one.

Those projects failed, but this coin began to gain prominence. Then the scammer exited, and the token's market capitalization dropped from 160 million USD to 30,000 USD in an instant:

Even when the scammer's initial efforts failed, a million-dollar success can go a long way. The concerning aspect is that the ERIC TRUMP rug pull worked so well despite clear and widely publicized warning signs.

As long as scams like these continue to succeed, they will damage the reputation and future of the entire industry.