According to blockchain data, a new Solana token named Eric Trump shot up 6,200% in just 24 hours. It sprang to life on May 16 via the Pump.fun launchpad and swelled to a market cap of 140 million. Traders piled in fast, but onโchain detectives noticed more than 80% of the supply parked in just 10 wallets. That kind of concentration often signals a setup for a sudden collapse.
Political Name Exploitation
Using a wellโknown figureโs name can be a quick way to grab attention. Based on reports from Bubblemaps, the tokenโs ties to โjv7dโ on Solana raised red flags. When insiders hold most of the coins, they can dump them at will. Retail investors end up holding whatโs leftโand that often means heavy losses.
a rug in the making#ERICTRUMP is currently trending on most platforms. avoid it. pic.twitter.com/g1KE7wKMCA
โ Bubblemaps (@bubblemaps) May 16, 2025
Warning Signs On-Chain
Cluster analysis showed the top 250 holders are linked through a handful of addresses. That pattern mirrors the WOLF token, which hit 42 million before plunging to almost nothing. Analysts say these moves fit the classic rugโpull script, where early backers cash out at the peak, then vanish.
Copycat Tokens Multiply
The same wallet, known as โBjTm,โ has already launched three other Eric Trump tokens that fizzled quickly. Based on CoinMarketCap data, more than 736 imitation tokens have been pushed into the official Trump wallet space. Of those, 192 use Trump family names, and 67 claim to be โofficial.โ Even Elon Muskโs name crops up in at least 35 of them.
Global Political Targets
Scammers arenโt stopping with US figures. In April, the verified X account of UK MP Lucy Powell was hijacked to promote a fake Solana token. It tapped into her 70,000 followers and netted just 225, but it showed how a trusted badge can fool people.
Investor Warning Lights
Based on this pattern, analysts urge caution. When a tokenโs value spikes without clear backingโand most coins sit in a few walletsโthatโs a signal to step back. Blind loyalty to a name, political or otherwise, can turn into financial pain.
What Comes Next
As more political meme coins pop up, the risk grows. Every highโprofile name could become bait. Investors should check who holds the tokens, watch for rapid launches on cheap networks like Solana, and keep in mind that hype can vanish as fast as it appears.
In a space where hype often trumps fundamentals, staying alert might be the best way to stay afloat.
Featured image from Unsplash, chart from TradingView
