- A trader turned a $460 investment into nearly $1 million in just three hours.
- The QUANT memecoin was exposed as a rug pull, yet its value continued to rise.
- The creator, a teenager, live-streamed selling tokens for profit but failed to stop the token’s rally.
A memecoin trader made headlines after earning nearly $1 million from a $460 investment in less than three hours. The profit came from trading Gen Z Quant (QUANT), a memecoin launched on Solana’s Pump.fun platform, which later turned out to be a fraudulent project. Despite the rug pull, the token’s value continued to climb as the community rallied behind it.
Unprecedented Gains Amid Scandal
Blockchain analysis from Lookonchain revealed that the trader purchased 18.89 million QUANT tokens for just 2 SOL (approximately $460). Within hours, they sold 3.71 million tokens for 116 SOL, worth around $27,000, while holding on to 15.18 million QUANT, valued at $962,000. This resulted in a staggering 2,141-fold return on investment.
The QUANT memecoin was created on November 20 by a wallet named “Fi2h.” Its developer, a teenager, orchestrated the rug pull while live-streaming his actions. He sold 51 million QUANT tokens for 128 SOL, profiting roughly $30,000. Despite this, the token’s market capitalization soared as community interest kept the rally alive.
Source: Lookonchain
Community Support Boosts QUANT Value
In an unexpected turn, the memecoin community defied the rug pull by continuing to trade QUANT, pushing its market capitalization to over $1 million, according to GeckoTerminal. QUANT was trading at $0.0005 with a market cap of $571,000.
Memecoins, known for their speculative nature and high risk, have repeatedly attracted traders seeking substantial short-term gains. While this incident highlights the potential rewards, it also underscores the significant risks associated with unregulated tokens. Despite the fraudulent origins, QUANT’s unusual rally demonstrates the unpredictable nature of memecoins and the role of community sentiment in driving market value.
