A faux meme coin based mostly on Eric Trump underwent a large rug pull right this moment, falling from a $160 million market cap to $30,000 nearly immediately. The token displayed a number of doubtful traits forward of time.
The scammer tried to launch three failed Eric Trump tokens earlier than this one began trending. One breakout success is greater than sufficient to reward this duplicitous habits.
Eric Trump Coin Will get Rug Pulled
Rug pull scams are a rising a part of the crypto ecosystem, and pretend meme cash are a core part of the “sector.” At present’s Eric Trump rug pull was notably egregious, because it was clearly telegraphed prematurely.
After the meme coin spiked 6,200% in lower than a day, Bubblemaps investigated the asset, warning followers to not fall for it:
“A rug within the making. ERICTRUMP is presently trending on most platforms. Keep away from it,” he said a number of hours earlier than the rug pull. The warning obtained greater than 100,000 views.
Particularly, he famous that the token was bundled to an absurdly massive diploma. A small variety of accounts held most Eric Trump tokens, facilitating a better exit at any time when the scammer determined to drag the rug.
When President Trump launched his personal meme coin, the saga that led to this rip-off started. TRUMP broke new floor in combining fame and political success to spice up a cryptoasset’s worth, and an official MELANIA token got here out shortly afterward.
After this, faux cash and rug pulls started utilizing different Trump members of the family’ names, together with Eric.
Hackers promoted a faux BARRON coin in February, becoming a member of a number of different Trump-themed scams. Blockchain knowledge reveals that the proprietor of this rug pull tried to launch three different Eric Trump cash earlier than this one.
These initiatives failed, however this coin began trending. Then, the scammer exited, and the token’s market cap fell from $160 million to $30,000 within the blink of an eye fixed:
Even when the scammer’s first makes an attempt failed, one multimillion-dollar success can go a really great distance. It’s regarding that the ERIC TRUMP rug pull carried out so nicely regardless of the blaring and well-publicized warning indicators.
So long as money grabs like this proceed to succeed, they’ll harm your entire trade’s fame and future.
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