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Solana Memecoin Rug-Pulled By Gen Z Kid Hits $80M Market Cap
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto Community’s Revenge: Solana Memecoin Rug-Pulled By Gen Z Trader Hits $80 Million Market Cap

Rubmar Garcia
Rubmar Garcia
6 months ago
3 mins read
Litecoin, Sonic, Fantom, SUI, Dogwifhat, Solana, XRP, ONDO, Injective

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A young crypto trader attempted to rug-pull a Solana-based memecoin on a live stream, but the crypto community joined to “teach him a lesson” by sending the token to an $80 million market cap.

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Solana-Based Memecoin Rug Pulled By 12-Year-Old

As the market enters the rally’s second leg, Solana memecoins remain the cycle’s 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 “just made $2k before school.” The next day, the young trader launched the Gen Z Quant (QUANT) token on the popular Solana-based launchpad, Pump.fun. While the token’s 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 “revenge.” 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.

Solana
QUANT’s performance following the community’s “takeover.” Source: DexScreener

As a result, the Gen Z trader’s holdings would have been worth around $4 million just a few hours after rug-pulling.

Some crypto investors considered the takeover a “lesson for all of those who rug.” 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 “to prove a point.”

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’s 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.

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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’s 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.

Solana, SOL, SOLUSDT
Solana (SOL) is trading at $240 in the weekly chart. Source: SOLUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. 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.

Read more

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’t 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’s 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’s 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 ­–or 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’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– 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 –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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