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A young cryptocurrency trader tried to stake a Solana-based memcoin on a live stream, but the cryptocurrency community joined in to “teach him a lesson” by sending the token to a market cap of $80 million.
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The Memecoin rug based on Solana was pulled by a 12-year-old
As the market enters the second phase of the rally, Solana memecoins remain the highlight of the cycle, and many traders continue to try to find the next big thing and capitalize on it. However, scammers continue to try to capitalize on the memecoin craze.
A Gen Z trader made headlights after trying to use a Solana-based memecoin he created on a live stream. The 12-year-old trader has an X account dedicated to cryptocurrencies and has previously shared his profits.
On Monday, he shared a photo sharing, “Just made $2k before school.” The next day, the young trader launched the Gen Z Quant Token (QUANT) on the popular Solana-based launcher Pump.fun. As the price of the token rose, he expressed his surprise before turning on the observers.
According to on-chain analytics company Lookonchain, the child Sold All of his holdings are QUANT, about 51 million tokens. The Gen Z trader received 128 Solana (SOL), worth $30,000, in exchange for tokens, making a profit of $29,600 in minutes.
After the kid ended his live stream, the Solana memecoin was seized by the cryptocurrency community, sending the price towards the $0.08 mark as “revenge.” The token rose more than 77,000% to a market cap of $82.3 million in the early hours of Wednesday before retreating toward the $50 million mark.
As a result, Generation Z traders’ holdings are worth around $4 million just hours after the rug is pulled.
Some cryptocurrency investors viewed the acquisition as a “lesson to all those who tinker with simplicity.” Meanwhile, others questioned the state of society to be deceived by a child, and argued that investors should not give up the Solana memecoin to “prove a point.”
Rapid decline in quantity
After pulling the rug out, the kid created two more memecoins, LUCY and SORRY, and appears to be mocking the cryptocurrency community for his QUANT scheme. However, he sold these tokens for 103 Sol, worth $24,000 at the time of reporting.
The Gen Z traders’ scheme also gave rise to several memes related to the event. However, some of the codes were based on the child and his family, whose information was collected online after the incident.
Notably, the lucky trader was able to get a return of 2,141 times on his QUANT investment despite the rug being pulled. LeConchine too I mentioned An investor spent 2 SOL worth $462 to buy 18.89 million QUANT tokens.
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Three hours later, the cryptocurrency community sent the token to its peak, sending its unrealized profits soaring 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 reporting time.
Despite the acquisition, the memecoin’s rise slowed significantly throughout the day, falling 57% from its peak. As of this writing, the token is trading at $0.035, with a market cap of $35.11 million.
Featured image from Unsplash.com, chart from TradingView.com
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