The Eric Trump meme coin, which surged nearly 8500% in a day, crashed quickly after being released by an unknown developer during a major crypto conference.
Most of the token supply was controlled by a small cluster of wallets, raising suspicions of price manipulation schemes.
Experts warn of caution due to the lack of genuine endorsement and unusual on-chain behavior, suggesting a coordinated pump-and-dump strategy.
The Eric Trump coin's value plummeted to almost zero, highlighting it as another meme token that led to losses for investors.