Trader Gains $988K from Solana-Based Meme Coin Despite Rug Pull
During the current crypto market activity, a trader gained nearly $1 million trading the Solana-based meme coin Quant (QUANT), which was later identified as a rug pull. The trader achieved a 2,100x return in three hours, investing only 2 SOL tokens, valued at approximately $460. According to Lookonchain, the trader's actions included:
“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).”
The Quant meme coin launched through the Solana meme coin platform Pump.fun but quickly became fraudulent due to rug pull activities. Despite the risks associated with meme coins, traders are attracted by potential rapid profits. For example, in May, an investor turned $3,000 into $46 million by trading the Pepe (PEPE) token.
Quant Meme Coin Trader Mints 2100x
A wallet named “Fi2h” created the QUANT meme coin, which was later revealed to be a scam. A teenager executed the rug pull while live-streaming the sale of all tokens, as noted by Lookonchain:
“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)!”
Despite the rug pull, the QUANT meme coin continued to gain traction, with its market capitalization surpassing $1 million, according to GeckoTerminal data. The meme coin sector has experienced significant growth following Donald Trump's recent victory. Notable tokens such as Dogecoin (#DOGE), Pepe Coin (#PEPE), and Bonk (#BONK) have all risen over 100% in value this month.