As a seasoned researcher who has seen the ebb and flow of the cryptocurrency market over the years, I must say that the story of this savvy trader turning $460 into $988,000 within three hours is nothing short of astonishing. However, the irony lies in the fact that his fortune was made from a scam coin, Gen Z Quant (QUANT). It’s a classic tale of ‘robbing Peter to pay Paul’, where he profited from a rug pull orchestrated by a teenage creator.
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.
As a crypto investor, I managed to reap a staggering 2,141x return on my investment, even though the token’s creator – a young prodigy – orchestrated a “rug pull.” This unexpected success is according to on-chain intelligence firm Lookonchain.
Initially, the trader purchased approximately 18.89 million QUANT tokens with 2 Solitana (SOL) that he had invested. As per Lookonchain, later on, the tradger sold off about 3.71 million QUANT tokens, earning him 116 SOL or roughly $27,000. This left him holding onto a remaining 15.18 million QUANT tokens, which were later estimated to be worth around $962,000. All of this occurred during the turbulent period in the memecoin market.
According to an earlier report, a teenager initiated QUANT on the platform pump.fun on Wednesday, following which he sold 51 million QUANT tokens for approximately $30,000 (128 SOL) during a live broadcast. After disposing of his tokens, the value of QUANT plummeted and was soon branded as a “rug pull.
In a short span of time, QUANT’s value skyrocketed more than ninefold, reaching a stunning $80 million in market capitalization. At its highest point, the tokens the boy had initially sold would have been valued at approximately $4 million.
Immediately following the deceptive incident with the rug pull, numerous traders found themselves deceived and expressed their anger by disseminating the individual’s personal information on various social media sites. This information included his name, home address, and even details about his educational background, leading to its public exposure. Consequently, his family felt compelled to secure their social media profiles to prevent any additional harassment.
Presently, the token is being exchanged for approximately 0.00018 dollars, and its total market value stands at around $179,250, as indicated by GeckoTerminal.
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2024-11-20 22:12