A savvy trader turned a $460 investment into $988,000 in just three hours by trading Gen Z Quant (QUANT), a meme coin later revealed to be a scam.
According to an on-chain intelligence firm Lookonchain, the trader made a “2,141x return” despite the token’s rug pull orchestrated by its teenage creator.
The trader bought 18.89 million QUANT tokens using the 2 SOL he invested. According to Lookonchain, the trader sold 3.71 million QUANT tokens for 116 SOL (around $27,000), leaving him with 15.18 million QUANT tokens still in his possession, which would later be valued at $962,000. All this happened amidst a chaotic scene in the memecoin market.
Based on a previous report, the teenager launched QUANT on the pump.fun on Wednesday and later sold off 51 million QUANT tokens for 128 SOL ($30,000) during a livestream. After selling off his coins, the price of QUANT crashed and was quickly labeled a “rug pull.
However, things didn’t go as planned for the teen. Instead, QUANT’s price began to rise. The memecoin community, upset by the rug pull, stepped in to buy more of the token.
Within hours, QUANT’s value surged by over 900%, and its market cap shot up to an impressive $80 million. At its peak, the tokens the boy had sold would have been worth over $4 million,
However, he didn’t stop there. After QUANT, he launched two other tokens, LUCY and SORRY, and tried to do the same thing again. He sold off these new tokens for a quick profit, making around $24,000 in just a short time. Despite his efforts to profit from the rug pulls, QUANT’s price continued to rise, with investors continuing to buy into the token.
Soon after the rug pull. Many traders were angry about being tricked, and they began sharing his personal information across social media platforms. His name, address, and even his school details were exposed. As a result, his family had to lock their social media profiles to avoid further harassment.
Right now, the token is trading at $0.00018 with $179.25k in market cap, according to GeckoTerminal.
Also Read: MicroStrategy Joins Top 100 U.S. Companies Amid Bitcoin Boom
