Solana Memecoin Rug-Pulled By Gen Z Kid Hits $80M Market Cap
A young cryptocurrency trader tried to pull a Solana-based meme coin on a live stream, but the crypto community jumped in to “teach him a lesson” by boosting the coin’s market cap to $80 million.
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12-Year-Old Boy Pulls Up the Rug for Solana-Based Memecoin
As markets enter second phase of rebound, Solana Meme Coin Still the top topic of the cycle, many traders continue to try to find the next big thing and profit from it. However, scammers continue to try to capitalize on the memecoin craze.
A Gen Z trader attracted attention after trying out a Solana-based memecoin he created during a live broadcast. The 12-year-old trader has a cryptocurrency-specific X account and has previously shared his profits.
On Monday, he posted a photo sharing that he “just made $2,000 before going to school.” The next day, the young trader launched the Gen Z Quant (QUANT) token on the popular Solana-based platform launchpadpump music. While the price of the coin increased, he expressed surprise before flipping watchers.
According to on-chain analytics company Lookonchain, the child Sell All QUANT tokens he holds, approximately 51 million tokens. Gen Z trader got 128 Solana (SOL) worth $30,000 and made a profit of $29,600 in minutes.
After the child ended his live broadcast, the cryptocurrency community took over the Solana memecoin, pushing the price to the $0.08 mark as “revenge.” The token’s market capitalization rose more than 77,000% to $82.3 million in the early hours of Wednesday morning before falling back to the $50 million mark.
As a result, the Gen Z trader’s position was worth around $4 million in just a few hours after the pull.
Some cryptocurrency investors viewed the acquisition as “a lesson to all the naysayers.” Others, meanwhile, questioned the state of the community, believing it was being deceived by a child and arguing that investors shouldn’t give up on the Solana memecoin just to “prove a point.”
QUANT’S RAPID DROP
With the rug pulled, the kid created two more meme coins: LUCY and SORRY, seemingly poking fun at the crypto community’s QUANT initiative. However, he sold the tokens for 103 SOL, which was worth $24,000 at the time of the report.
The Gen Z trader initiative also spawned a number of meme coins related to the event. However, some tokens were based on children and their families, whose information was doxxed online following the incident.
Notably, one lucky trader received a 2,141x return on his QUANT investment despite the resistance. Also look at the chain report One investor spent 2 SOL (worth $462) to purchase 18.89 million QUANT tokens.
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Three hours later, the crypto community sent the coin to the top, pushing his unfulfilled profit to nearly $1 million. The trader sold 3.71 million QUANTs at 116 SOL, worth $27,000, and was left with 15.18 million QUANTs, with an unrealized profit of $962,000 at the time of the report.
Despite the takeover, memecoin’s gains slowed significantly throughout the day, falling 57% from its peak. As of this writing, the token is trading at $0.035 and has a market cap of $35.11 million.
Featured image from Unsplash.com, chart from TradingView.com
