Key Takeaways:
- A trader turned a $460 investment in Solana into $988K in 3 hours by trading the memecoin Gen Z Quant (QUANT), despite it being a rug pull.
- QUANT’s teenage developer orchestrated the scam, stealing $30K and later launching more fraudulent tokens.
- Memecoins remain highly speculative, offering massive potential returns but exposing investors to extreme risks like scams.
A cryptocurrency trader achieved an extraordinary 2,100-fold return on investment in just three hours, turning $460 into $988,000 despite engaging with a scam token.
On Nov. 20, the trader purchased 18.89 million Gen Z Quant (QUANT) tokens, a memecoin launched on Solana’s Pump.fun platform, for 2 Solana (SOL).
2 $SOL and a dream!
— Lookonchain (@lookonchain) November 20, 2024
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).
Address:https://t.co/OPvf2DZJJ6 pic.twitter.com/X9dtLvDvw7
Before the token’s collapse in a rug pull—where developers abandon the project and steal investor funds—the trader sold a portion of their holdings for $27,000 and retained tokens worth $962,000.
The QUANT token was created by a teenage developer, who live-streamed the rug pull, cashing out approximately $30,000.
A kid created a coin $Quant while live-streaming and sold all of it for 128 $SOL($30K), making a profit of $29.6K!
— Lookonchain (@lookonchain) November 20, 2024
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)!
Address:… pic.twitter.com/TYbS6psUYp
Despite its fraudulent nature, QUANT’s market capitalization briefly exceeded $1 million due to community-driven speculation.
Following the scam, the developer launched additional fraudulent tokens, netting another $24,000.
This case highlights the risky appeal of memecoins, which often lack intrinsic value but can yield immense profits for speculative traders.
Similar incidents include a May 2023 case where a $3,000 investment in Pepe (PEPE) turned into $46 million.
While some traders navigate these high-stakes markets successfully, the prevalence of scams like rug pulls underscores the significant risks involved in such investments.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
His articles offer a deep dive into the latest trends, projects, and technological advancements shaping the future of digital finance.
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