A teenager launched the memecoin QUANT on the PinkFinance platform and executed a rug pull during a live stream. However, the crypto community didn’t let the project die and instead significantly boosted its market capitalization. If the teen hadn’t sold his holdings immediately, their value could have exceeded $4 million.
A Livestream Scam
The token launch was accompanied by a live stream, during which the teen publicly sold his share, earning around $30K. This sparked a strong reaction from the community, which decided to take control of the situation and teach the young trader a lesson. They rallied together, actively buying and promoting the token. Thanks to their efforts, the token’s market capitalization skyrocketed to $70 million.
If the teen hadn’t sold his tokens so quickly and performed the rug pull, he could have earned over $4 million with the community’s support.
The creativity of the crypto community didn’t stop at saving the QUANT token. Some users launched a new token called SARA, named after the teen’s mother.
Others went further, identifying his name, address, and school. However, this action drew criticism, with many reminding everyone that he’s still a minor and shouldn’t face undue pressure.
Attempts at Redemption and 2,000x Profit
Despite the incident, the teen didn’t stop his activity and launched two more tokens — LUCY and SORRY. The sale of these new tokens brought him an additional 103 SOL, equivalent to approximately $22.6K. However, these projects failed to gain significant traction due to his previous reputation.
Meanwhile, another trader demonstrated how to profit from such an asset. According to on-chain analytics firm Lookonchain, this trader invested 2 SOL ($476) to buy 18.89 million QUANT tokens. Shortly after, he sold 3.71 million tokens for 116 SOL (~$27K). By the end of the trade, he still held 15.18 million QUANT tokens worth $962K. His total return on investment was an impressive 2,141x.
A Word of Caution
Despite these success stories, it’s important to remember that memecoins and other crypto assets carry significant risks. Their value can fluctuate dramatically, making them highly unreliable financial instruments. Always conduct thorough research and evaluate all potential risks before participating in such projects.
How do you feel about such stories? Should cases like this be regulated to prevent rug pulls? Share your thoughts in the comments.