Crypto Community’s Revenge: Solana Memecoin Rug-Pulled By Gen Z Trader Hits $80 Million Market Cap

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As a seasoned researcher and observer of the cryptocurrency market, I have seen many instances of rug pulls, scams, and other unsavory activities. However, the story of the 12-year-old Solana memecoin rug pull is one that stands out.

A young crypto trader attempted to rug-pull a Solana-based memecoin on a live stream, but the crypto community joined to “teach him a lesson” by sending the token to an $80 million market cap.

Solana-Based Memecoin Rug Pulled By 12-Year-Old

During the second phase of the market’s uptrend, Solana-based meme coins have been the main storyline in this cycle, with many investors eagerly seeking the next big opportunity. Yet, as the excitement for meme coins continues to grow, scammers are actively trying to exploit this trend.

A young Gen Z investor, known for streaming his trades, found himself in the spotlight after an unsuccessful attempt to withdraw funds from a Solana-based meme token he developed live on stream. This 12-year-old crypto enthusiast, who openly shares his earnings from a specialized X account, has now become a topic of conversation.

On Monday, he shared a photo indicating that he had earned $2k prior to school. The following day, this young trader introduced the Gen Z Quant (QUANT) token on the well-known Solana launchpad, Pump.fun. As the token’s value increased, he showed astonishment before turning the tables on the spectators.

Based on data from Lookonchain, a firm that analyzes blockchain transactions, it appears a young trader has liquidated his entire QUANT token portfolio, approximately 51 million units. This transaction earned him 128 Solana (SOL), valued at around $30,000. In mere minutes, this deal resulted in a substantial profit of roughly $29,600 for the Gen Z investor.

Following the child’s termination of the live stream, I observed an intriguing development within the crypto community as they collectively targeted Solana’s memecoin. This collective action drove the price towards a significant peak at approximately $0.08, which I interpret as a symbolic act of “revenge.” The token experienced an astounding surge of over 77,000%, reaching a market capitalization of $82.3 million in the wee hours of Wednesday. However, this rapid growth was followed by a correction, and the token’s market capitalization subsequently stabilized around the $50 million mark.

In my case, had I held onto my investments during that fateful event, I’d find myself sitting on an approximate fortune of $4 million mere hours after the dreaded rug pull.

Some cryptocurrency investors viewed the acquisition as a “warning to everyone who has been ‘rugged’.” On the other hand, others debated the health of the community for it to be tricked by a minor, and contended that investors should not desert the Solana memecoin to make a statement.

The Rapid Fall Of QUANT

After the rug pull, the child apparently launched two new meme-based cryptocurrencies named LUCY and SORRY, which seem to be mocking the crypto community in reference to his QUANT scheme. However, he subsequently exchanged these tokens for 103 SOL, equivalent to approximately $24,000 at the time of the report.

The strategy devised by the Gen Z trader led to a number of meme-based cryptocurrencies tied to the specific event. Unfortunately, certain tokens were centered around the child and his relatives, who found themselves having their personal details exposed online following the occurrence.

Remarkably, a fortunate trader saw a staggering 2,141 times return from their QUANT investment, even after the incident of a rug pull. Additionally, according to Lookonchain, an investor parted with 2 SOL, equivalent to approximately $462, to acquire a whopping 18.89 million QUANT tokens.

In just three hours, the crypto community propelled the token to its pinnacle, swelling his potential earnings to almost $1 million. The trader then cashed out 3.71 million QUANT for 116 SOL, equivalent to $27,000, and retained 15.18 million QUANT, holding an unrealized profit of roughly $962,000 at the time of the report.

In spite of the recent takeover, the momentum behind the memecoin has noticeably decreased today, plummeting by approximately 57% from its highest point. Currently, the token is being exchanged at around $0.035, and it has a total market capitalization of $35.11 million.

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2024-11-21 14:46