A Gen Z trader’s rug pull attempt backfired spectacularly, creating one of the most unexpected events in the cryptocurrency world. The crypto kid goes viral after live-streaming the creation and rug pull of the QUANT token. A token named QUANT, initially created as a scam, surged by 71,386%, leaving the young creator astonished and the crypto community triumphant.
The young creator live-streamed the creation of QUANT, a memecoin launched on Solana’s platform Pump.fun. Shortly after launching, the trader sold 51 million tokens for 128 SOL, worth approximately $30,000. The crypto kid goes viral for selling 51 million QUANT tokens and making $30,000 in a few hours. The move appeared to be a classic rug pull, leaving buyers with seemingly worthless tokens. However, the crypto community retaliated by rallying behind the token, driving its value to unprecedented levels.
Within hours, QUANT reached an all-time high of $0.07876 per token. Its trading volume skyrocketed to $213.7 million, and its total value climbed to $4 million. This sharp reversal turned a scam into a significant gain for many investors, with one savvy trader reportedly earning nearly $1 million from an initial investment of just 2 SOL.
Second Attempt with LUCY and SORRY
Emboldened by his initial profits, the young creator launched two more tokens named LUCY and SORRY. The first was reportedly named after his dog, while the latter appeared to mock his critics. Both tokens followed the same rug pull strategy, earning him an additional 103 SOL, valued at $24,000. Despite these profits, the creator lost out on millions as the tokens continued to gain value after his exit.
As the crypto kid goes viral, the crypto community retaliates by pumping QUANT’s value by 71,386%. The incident drew widespread attention on social media and live-streaming platforms. Many viewers condemned the creator’s actions, calling for stricter measures to combat crypto scams. Some members of the crypto community even tracked the creator’s online presence and informed his family of the situation.
Despite its initial surge, QUANT’s value has started to decline, a common trend for memecoins driven by hype. It currently trades at $0.03075, down more than 50% from its peak, with a market capitalization of $28.4 million. However, its trading volume remains high at $317.5 million, suggesting continued interest.
Lessons for Crypto Investors
The incident highlights the volatile nature of the cryptocurrency market, especially with memecoins. It also demonstrates the power of collective action within the crypto community, turning a planned scam into a moment of solidarity and profit for many traders.
As the crypto market continues to evolve, incidents like this serve as cautionary tales about the risks and unpredictability of digital currencies.
The crypto market operates largely without centralized oversight, making it a hotbed for scams. The ease of launching tokens, as seen in this case, allows individuals to create and exploit hype-driven assets with minimal effort. The Gen Z creator’s ability to mint multiple tokens and profit from them highlights the systemic vulnerabilities of such platforms. These incidents often leave unsuspecting investors with significant losses.
Additionally, the lack of legal repercussions for the creator raises concerns. While the crypto community rallied to teach the scammer a lesson by inflating QUANT’s value, this collective effort does not address the root problem. Without strict regulatory frameworks, similar scams will likely continue, undermining trust in the ecosystem.
The unexpected unity among traders to inflate QUANT’s value demonstrates the power of collective action. It also sends a clear message to bad actors: the community can retaliate. However, this incident also highlights the irrational nature of memecoin trading, where market movements are often driven more by emotion than logic.
Also Read: Bitcoin Nears $100,000 Milestone, Marking Record-Breaking Growth.
