A shrewd trader transformed a modest $460 investment into an astonishing $988,000 within just three hours by trading Gen Z Quant (QUANT), a memecoin that was later exposed as a rug pull orchestrated by its teenage creator.
According to blockchain analytics firm Lookonchain, the trader achieved an eye-popping “2,141x return” despite the token’s fraudulent nature. The trader initially purchased 18.89 million QUANT tokens for 2 SOL. After selling 3.71 million tokens for 116 SOL (approximately $27,000), they retained 15.18 million tokens, valued at nearly $962,000 during the memecoin’s dramatic price surge.
The Rug Pull Unfolds
QUANT was launched by a teenager on the pump.fun platform, with the creator livestreaming the sale of 51 million QUANT tokens for 128 SOL (around $30,000). The move triggered a price crash, quickly branding the project a rug pull. However, the community’s reaction to the scam took an unexpected turn.
Rather than abandoning the token, outraged investors rallied to buy more QUANT, causing its price to soar by over 900% within hours. The token’s market cap ballooned to an impressive $80 million, far surpassing the $4 million the scammer could have earned had they held their tokens.
Continued Schemes and Fallout
Unfazed, the teenager launched two additional tokens, LUCY and SORRY, executing similar rug pull tactics to pocket an extra $24,000. Meanwhile, QUANT’s price continued to climb, driven by persistent investor activity.
The scammer’s actions sparked widespread anger among traders, many of whom shared the teenager’s personal information, including their name, address, and school details, on social media. In response, the family was forced to lock down their online profiles to shield themselves from the backlash.
Current Token Status
As of now, QUANT is trading at $0.00018 with a market capitalization of $179,250, according to GeckoTerminal. Despite the chaotic events surrounding its rise and fall, the memecoin remains active in the market, a testament to the unpredictable dynamics of the cryptocurrency world.
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