{"id":654136,"date":"2024-11-21T11:30:29","date_gmt":"2024-11-21T11:30:29","guid":{"rendered":"https:\/\/www.wncen.com\/?p=654136"},"modified":"2024-11-20T19:35:06","modified_gmt":"2024-11-20T19:35:06","slug":"crypto-communitys-revenge-solana-memecoin-rug-pulled-by-gen-z-trader-hits-80-million-market-cap","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/crypto-communitys-revenge-solana-memecoin-rug-pulled-by-gen-z-trader-hits-80-million-market-cap\/","title":{"rendered":"Crypto Community\u2019s Revenge: Solana Memecoin Rug-Pulled By Gen Z Trader Hits $80 Million Market Cap"},"content":{"rendered":"

A young crypto trader attempted to rug-pull a Solana-based memecoin on a live stream, but the crypto community joined to \u201cteach him a lesson\u201d by sending the token to an $80 million market cap.<\/p>\n

Related Reading: Bitcoin \u2018Parabolic Phase Just Begun\u2019, Is BTC Hitting $100,000 This Week?<\/a><\/div>\n

Solana-Based Memecoin Rug Pulled By 12-Year-Old<\/h2>\n

As the market enters the rally\u2019s second leg, Solana memecoins<\/a> remain the cycle\u2019s 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.<\/p>\n

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.<\/p>\n

On Monday, he posted a picture sharing he \u201cjust made $2k before school.\u201d The next day, the young trader launched the Gen Z Quant (QUANT) token on the popular Solana-based launchpad<\/a>, Pump.fun. While the token\u2019s price rose, he expressed surprise before flipping the watchers.<\/p>\n

According to the on-chain analytics firm Lookonchain, the kid sold<\/a> 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.<\/p>\n

After the kid ended the live stream, the crypto community took over the Solana memecoin, sending the price toward the $0.08 mark as \u201crevenge.\u201d 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.<\/p>\n

\"Solana\"
QUANT’s performance following the community’s “takeover.” Source: DexScreener<\/a><\/figcaption><\/figure>\n

As a result, the Gen Z trader\u2019s holdings would have been worth around $4 million just a few hours after rug-pulling.<\/p>\n

Some crypto investors considered the takeover a \u201clesson for all of those who rug.\u201d 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 \u201cto prove a point.\u201d<\/p>\n

The Rapid Fall Of QUANT<\/h2>\n

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.<\/p>\n

The Gen Z trader\u2019s 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.<\/p>\n

Notably, a lucky trader managed to get a 2,141x return on his QUANT investment despite the rug pull. Lookonchain also reported<\/a> on an investor who spent 2 SOL, valued at $462, to buy 18.89 million QUANT tokens.<\/p>\n

Related Reading: Aptos Following SUI\u2019s Lead? Analyst Says APT\u2019s \u2018Explosive Breakout\u2019 Targets $20<\/a><\/div>\n

Three hours later, the crypto community had sent the token to its peak, driving his unrealized profits<\/a> 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.<\/p>\n

Despite the takeover, the memecoin\u2019s 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.<\/p>\n

\"Solana,
Solana (SOL) is trading at $240 in the weekly chart. Source: SOLUSDT on TradingView<\/a><\/figcaption><\/figure>\n
Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

A young crypto trader attempted to rug-pull a Solana-based memecoin on a live stream, but the crypto community joined to \u201cteach him a lesson\u201d by sending the token to an $80 million market cap. Related Reading: Bitcoin \u2018Parabolic Phase Just Begun\u2019, Is BTC Hitting $100,000 This Week? Solana-Based Memecoin Rug Pulled By 12-Year-Old As the market enters the rally\u2019s second leg, Solana memecoins remain the cycle\u2019s 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 \u201cjust made $2k before school.\u201d The next day, the young trader launched the Gen Z Quant (QUANT) token on the popular Solana-based launchpad, Pump.fun. While the token\u2019s 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 \u201crevenge.\u201d 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\u2019s holdings would have been worth around $4 million just a few hours after rug-pulling. Some crypto investors considered the takeover a \u201clesson for all of those who rug.\u201d 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 \u201cto prove a point.\u201d 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\u2019s 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\u2019s Lead? Analyst Says APT\u2019s \u2018Explosive Breakout\u2019 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\u2019s 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<\/p>\n","protected":false},"author":614,"featured_media":649135,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10923,14186,89756,93410,92951,85540,85275,12837,83626,87684,92653,83627],"class_list":["post-654136","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-market","tag-crypto-scam","tag-crypto-trader","tag-gen-z-trader","tag-memecoin-frenzy","tag-quant","tag-rug-pull","tag-sol","tag-solana","tag-solana-memecoin","tag-solana-token","tag-solusdt"],"acf":[],"yoast_head":"\nSolana Memecoin Rug-Pulled By Gen Z Kid Hits $80M Market Cap<\/title>\n<meta name=\"description\" content=\"A 12-year-old rug pulled a Solana memecoin for $30,000 before the community took over and sent the token toward an 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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