In a rug pull attempt, a GenZ kid created the QUANT token and sold it within a few hours to bag $30K in profit. However, to his surprise, the crypto community came together and pumped the token to new highs. As a result, the token grew by 71, 000%, making it the rarest crypto trading experience in the industry.
The crypto market has a global market cap of $3.11T, where millions of investors come together to participate in crypto trading, so unique incidents happen almost daily. However, something like this is seen for the first time, making it the biggest crypto scam fail.
GenZ Rug Pull Scam Failed & Crypto Trading Community Won
A GenZ kid’s token creation and mass selling became the highlight of the day when he live-streamed the process, gaining both laughs and anger from the crypto trading community. This amateur trader launched a Solana memecoin, QUANT on the pump.fun, the famous memecoin launcher site, and sold all his 51M QUANT holding for 128 SOL, worth $30K. However, the same 51M token became $4M after the crypto community pumped the token in revenge.
A kid created a coin $Quant while live-streaming and sold all of it for 128 $SOL($30K), making a profit of $29.6K!
The 51M $Quant he sold is now worth $4M!
He then created $lucy and $sorry, selling all of them for another profit of 103 $SOL($24K)!
Address:… pic.twitter.com/TYbS6psUYp
— Lookonchain (@lookonchain) November 20, 2024
Though the creator has bagged $29.6K in profit, he lost millions. Interestingly, other holders had the full advantage of the pump, as the QUANT price surged 71386% in just six hours per Lookonchain post. With that, the token peaked at its ATH, where one token became equivalent to $0.07876. More importantly, it gained a trading volume of $213.7M, impressing the netizens.
Scammer Created Two More Tokens, Making Another $24K
With a $30k profit, the GenZ scammer created two more tokens, LUCY and SORRY. He termed the coin LUCY after his dog and SORRY in sarcasm for his crypto scam. More importantly, he went for another rug pull scheme, making 103 SOL, worth $24K at the time.
As it was all in the public’s eye, viewers expressed their wishes to take strict action against the kid. This is because crypto scams are rising exponentially in the market, and many have lost their life savings with such scams. In one scam, South Korean police arrested 215 people after they embezzled $232M.
Some recalled the kid from a past event and were shocked by his actions. After an extensive search, the crypto community tracked the kid’s whereabouts and even commented on his mother’s social media post to inform of this scamming incident.
How Is QUANT Token Performing Now?
All three of GenZ’s rug-pull crypto tokens have created a sensation in the crypto trading community, but things are slowing down again. It has been quite a few hours since the incident, and the QUANT token’s performance is declining with time. This is common for newly popular memecoins as they pump with hype and drop once the trend ends. It is now worth $0.03075 after losing more than 50% of its value. Additionally, its market capitalization has dropped to $28.4M, but the trading volume is still high at $317.5M.
Interestingly, despite the decline, many crypto investors made decent gains while selling at high. Besides, the token is still up by 28,000% and is trending all over social media, which could help in recovery in the future.
The post GenZ Rugs QUANT For $30K Profit But Community Revenge Propels Token By 71,000% appeared first on CoinGape.
