Solana Memecoin Rug-Pulled by 12-Year-Old Trader Reaches $80 Million Market Cap
A young crypto trader attempted to rug-pull a Solana-based memecoin during a live stream, prompting the crypto community to respond by boosting the token's market cap to $80 million.
Solana-Based Memecoin Rug Pulled By 12-Year-Old
As the market enters a new phase, Solana memecoins remain a significant focus. Traders are searching for profitable opportunities, while scammers exploit the trend.
A 12-year-old trader gained attention after attempting to rug-pull the Gen Z Quant (QUANT) token on a live stream. This trader operates a crypto-focused X account and previously shared his profits.
On Monday, he posted about earning $2,000 before school. The following day, he launched QUANT on the Solana-based Pump.fun. As the token's price increased, he expressed surprise before selling it.
According to Lookonchain, the trader sold all his QUANT holdings, totaling approximately 51 million tokens, for 128 Solana (SOL), valued at $30,000, yielding a profit of $29,600 within minutes.
After ending the live stream, the crypto community responded by driving the token's price to around $0.08 as a form of “revenge.” The token surged over 77,000%, reaching a market capitalization of $82.3 million before retracting to approximately $50 million.
The trader’s holdings would have been valued at around $4 million shortly after the rug pull.
Some investors viewed the community response as a lesson against rug pulls, while others criticized the situation, questioning why a child could successfully scam investors and arguing for support of the Solana memecoin.
The Rapid Fall Of QUANT
Following the incident, the trader created two additional memecoins, LUCY and SORRY, seemingly mocking the crypto community. He sold these for 103 SOL, worth $24,000 at the time.
The event led to the creation of several related memecoins. Some tokens referenced the trader and his family, who had their information publicly shared online post-incident.
Notably, one investor achieved a 2,141x return on QUANT despite the rug pull. Lookonchain reported that an investor purchased 18.89 million QUANT tokens for 2 SOL, valued at $462.
Three hours later, the community drove the token's price up, increasing the investor's unrealized profits to nearly $1 million. The investor sold 3.71 million QUANT for 116 SOL, worth $27,000, while retaining 15.18 million QUANT, resulting in an unrealized profit of $962,000 at the time of the report.
Despite the initial surge, the memecoin's rally slowed significantly, dropping 57% from its peak. At the time of this report, the token traded at $0.035 with a market capitalization of $35.11 million.
