In a recent incident, a GenZ kid attempted a rug pull scam by creating the QUANT token and selling it for $30K in profit within a few hours. 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 one of the rarest crypto trading experiences in the industry. The global market cap of the crypto market is $3.11T, and unique incidents like this occur daily, but this particular incident stood out as the biggest crypto scam fail.
The GenZ kid’s token creation and mass selling became the highlight of the day when he live-streamed the process, gaining mixed reactions from the crypto trading community. He launched a Solana memecoin, QUANT, on pump.fun, a popular memecoin launcher site, and sold all his 51M QUANT holdings for 128 SOL, worth $30K. However, the same 51M tokens became worth $4M after the crypto community pumped the token in revenge. Despite making a profit of $29.6K, the kid lost millions, while other holders benefited from the pump as the QUANT price surged by 71386% in just six hours.
After making $30K in profit from the QUANT token, the GenZ scammer created two more tokens, LUCY and SORRY, and sold them for another profit of 103 SOL, worth $24K. He named LUCY after his dog and SORRY in sarcasm for his previous crypto scam. Viewers expressed their desire for strict action against the kid due to the rising number of crypto scams in the market, with many individuals losing their life savings to such scams. The crypto community tracked down the kid and even commented on his mother’s social media post to inform her about the scamming incident.
The performance of the QUANT token has been declining since the incident, as is common with newly popular memecoins that face a drop in value once the hype dies down. The token is now worth $0.03075 after losing more than 50% of its value, with a market capitalization of $28.4M. Despite the decline, many crypto investors made decent gains by selling at a high, and the token is still up by 28,000%. The trading volume remains high at $317.5M, and the token continues to trend on social media, indicating potential for recovery in the future.
Overall, the GenZ kid’s rug pull attempt with the QUANT token resulted in a unique and rare experience in the crypto trading industry. Despite making a profit initially, the kid faced backlash from the crypto community, and his subsequent tokens, LUCY and SORRY, also generated controversy. The incident highlighted the prevalence of crypto scams in the market and the importance of diligence and caution while investing in cryptocurrencies. While the QUANT token’s performance has declined, there is still potential for recovery with ongoing social media attention and high trading volumes.
