Crypto Community’s Revenge: Solana Memecoin Rug-Pulled By Gen Z Trader Hits $80 Million Market Cap

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,937,104,215,731	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,937,104,215,731

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-1,067.66	-1.08%	97,965.66	97,965.66	97,965.67

Price Change

Price Change %

Current Price

Bid Price

Offer

-1,067.66

-1.08%

97,965.66

97,965.67

High Price	Low Price	Open Price	Prev. Close	52 Week Range
99,044.11	97,215.01	98,947.16	99,033.32	36,715.10 - 99,860.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

99,044.11

97,215.01

98,947.16

99,033.32

36,715.10 - 99,860.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	22:16:39	0.071893	97,965.67	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

22:16:39

0.071893

97,965.67

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,356,723,400.82	13,776.88	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,356,723,400.82

13,776.88

Crypto Community’s Revenge: Solana Memecoin Rug-Pulled By Gen Z Trader Hits $80 Million Market Cap

21/11/2024 11:30am

NEWSBTC

A young crypto trader attempted to rug-pull a Solana-based memecoin on a live stream, but the crypto community joined to “teach him a lesson” by sending the token to an $80 million market cap. Related Reading: Bitcoin ‘Parabolic Phase Just Begun’, Is BTC Hitting $100,000 This Week? Solana-Based Memecoin Rug Pulled By 12-Year-Old As the market enters the rally’s second leg, Solana memecoins remain the cycle’s top narrative, and many traders continue to try to find and profit from the next big thing. However, scammers continue to attempt to take advantage of the memecoin frenzy. A Gen Z trader has made the headlights after trying to rug a Solana-based memecoin he created on a live stream. The 12-year-old trader has a crypto-dedicated X account and has previously shared his profits. On Monday, he posted a picture sharing he “just made $2k before school.” The next day, the young trader launched the Gen Z Quant (QUANT) token on the popular Solana-based launchpad, Pump.fun. While the token’s price rose, he expressed surprise before flipping the watchers. According to the on-chain analytics firm Lookonchain, the kid sold all his QUANT holdings, around 51 million tokens. The Gen Z trader got 128 Solana (SOL), worth $30,000, for the tokens, making a $29,600 profit in minutes. After the kid ended the live stream, the crypto community took over the Solana memecoin, sending the price toward the $0.08 mark as “revenge.” The token rose over 77,000% to a market capitalization of $82.3 million in the early hours of Wednesday before retracing toward the $50 million mark. As a result, the Gen Z trader’s holdings would have been worth around $4 million just a few hours after rug-pulling. Some crypto investors considered the takeover a “lesson for all of those who rug.” Meanwhile, others questioned the state of the community for it to be scammed by a child and argued that investors should not abandon the Solana memecoin “to prove a point.” The Rapid Fall Of QUANT Following the rug pull, the kid created another two memecoins, LUCY and SORRY, seemingly poking fun at the crypto community for his QUANT scheme. However, he sold these tokens for 103 SOL, worth $24,000 at the time of the report. The Gen Z trader’s scheme also resulted in several memecoins related to the event. However, some of the tokens were based on the kid and his family, who had their information doxxed online after the incident. Notably, a lucky trader managed to get a 2,141x return on his QUANT investment despite the rug pull. Lookonchain also reported on an investor who spent 2 SOL, valued at $462, to buy 18.89 million QUANT tokens. Related Reading: Aptos Following SUI’s Lead? Analyst Says APT’s ‘Explosive Breakout’ Targets $20 Three hours later, the crypto community had sent the token to its peak, driving his unrealized profits to nearly $1 million. The trader sold 3.71 million QUANT for 116 SOL, worth $27,000, and left 15.18 million QUANT, making an unrealized profit of $962,000 at the time of the report. Despite the takeover, the memecoin’s rally has significantly slowed throughout the day, falling 57% from its peak. As of this writing, the token trades at $0.035, with a market capitalization of $35.11 million. Featured Image from Unsplash.com, Chart from TradingView.com

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