A young crypto enthusiast has walked away with $46,000 after creating a meme coin and executing a “rug pull” during a livestream.
A young crypto enthusiast has walked away with $US30,000 ($46,000) after creating a meme coin and executing a “rug pull” during a livestream.
The internet got the last laugh, however, with the community seeking to teach the boy a lesson by rallying behind the fraudulent cryptocurrency to drive up its value, leading one trader to generate a profit of nearly $US1 million ($1.5 million).
The Gen Z Quant token was created by a young user on Pump.fun, a meme coin launch pad based on the Solana blockchain platform.
Meme coins, as the name suggests, are lighthearted cryptocurrencies that typically have little utility or fundamental value but are popular among some traders looking to make quick gains due to their extreme volatility.
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)!
Address:… pic.twitter.com/TYbS6psUYp
— Lookonchain (@lookonchain) November 20, 2024
Traders have famously made millions off meme coins like Doge.
The boy created Quant on November 20 before livestreaming himself selling all of his holdings in a rug pull — a common move in which a new crypto is hyped up and then the creator quickly cashes out, usually leaving investors with worthless tokens.
A viral clip from the stream shows the boy, who appears to be in his early teens, exclaiming “no way, holy f**k, holy f**k” as he dumps his entire holdings for 128 Solana, worth about $US30,000 ($46,000).
The boy made $US30,000 in a crypto ‘rug pull’. Picture: X
“MAKE UR BAG BRO SELL SELL SELL,” one livestream chatter wrote.
“SELL LITTLE BRO,” another said.
One live-streamer watching laughed, “He’s twerking over that. He’s twerking over rugging. Honestly respect.”
The controversy even gained the attention of popular Twitch streamer Felix Lengyel, aka xQc.
“Who puts themselves in a position where they can be rug pulled by a f**king 10-year-old?” he said. “The existence of those systems is f**king garbage.”
In response to the viral rug pull, the meme coin community joined forces to pour money into Quant to “make him cope”, sending its price skyrocketing.
2 $SOL and a dream!
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/OPvf2DZJJ6pic.twitter.com/X9dtLvDvw7
— Lookonchain (@lookonchain) November 20, 2024
“A kid created a coin $Quant while live-streaming and sold all of it for 128 $SOL($30K), making a profit of $29.6K!” blockchain intelligence firm Lookonchain wrote on X. “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)!”
The rally saw one savvy trader net a more than 2100-fold return in three hours, walking away with a $US988,000 ($1.5 million) profit from an initial investment of two Solana tokens worth $US462 ($710), according to Lookonchain.
“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 firm wrote.
Quant was trading at $US0.000280 with a market capitalisation of $US279,000 ($429,000) as of Thursday, per GeckoTerminal data.