Quant Meme Coin Trader Makes Nearly $1 Million despite Rug Pull Activity

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As a seasoned analyst with years of experience navigating the tumultuous waters of the cryptocurrency market, I’ve seen it all – from meteoric rises to devastating crashes, and everything in between. The story of the Quant meme coin trader who made a staggering 2,100x return within three hours is a testament to the extreme volatility and unpredictability that characterizes this space.

In the midst of the present crypto market madness, a shrewd cryptocurrency investor amassed nearly $1 million in profits by dealing with the suspect meme token Quant [NC] associated with Solana, which eventually was revealed as a rug pull scam.

Consequently, the trader experienced an astounding 2,100-fold profit in a mere three hours of trading this meme coin, as reported by Lookonchain. To begin with, the trader had only invested 2 SOL tokens, which were equivalent to approximately $460.

“This guy made $988K with only 2 $SOL($462) in just 3 hours, a 2,141x return! He spent 2 $SOL($462) to buy 18.89M $Quant and sold 3.71M $Quant for 116 $SOL($27K), leaving 15.18M $Quant($962K).”

Originally, the QUANT meme coin emerged from the well-known Solana meme coin platform, Pump.fun. Unfortunately, over time, it evolved into a deceptive digital currency as a result of rug pull schemes.

Regardless of their notoriety for significant price fluctuations and perceived lack of fundamental value, digital currencies labeled as ‘meme coins’ such as QUANT, remain attractive to traders seeking quick gains. Anecdotes about traders earning substantial profits from meme coins are commonplace.

For example, last month, an individual who invested in Pepe (PEPE) turned their initial $3,000 investment into a staggering $46 million, thanks to the incredible surge in value of this frog-themed cryptocurrency.

Quant Meme Coin Trader Mints 2100x

A wallet labeled as “Fi2h” is known for having developed the QUANT meme coin, which was eventually uncovered as a deceptive venture. Reportedly, a young individual masterminded this exit scam by broadcasting their actions of selling off all the tokens in real-time, as stated in a November 20 post on Lookonchain’s platform. The blockchain analysis company highlighted this activity.

During a live stream, a young individual generated the cryptocurrency ‘Quant’ and later sold it all for approximately 128 Solana (around $30,000), netting a profit of roughly $29,600! The 51 million Quant coins he offloaded are now valued at around $4 million! He subsequently developed ‘lucy’ and ‘sorry’, also selling them for an additional profit of around 103 Solana ($24,000)!

Regardless of the teenager’s effort to scam and deplete the coin’s liquidity, QUANT meme coin unexpectedly surged ahead. As the fraud was broadcasted live, the community rallying around the meme coin took action, pushing the token’s market value beyond $1 million, as per GeckoTerminal data.

The meme coin market has experienced a significant surge in the past few weeks, particularly following Donald Trump’s win earlier this November. Notable coins like Dogecoin (DOGE), Pepe Coin (PEPE), and Bonk (BONK) have all seen more than a 100% increase. As of today, Dogecoin is trading at approximately $0.39 with a monthly volume of over $13 billion, while Pepe Coin and Bonk are priced at around $0.000020 and $0.000054 respectively, with similar market caps and 24-hour volumes. The volatility for Dogecoin is currently at 1.0%, Pepe Coin at 0.7%, and Bonk at 4.2%.

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2024-11-20 16:51