Memecoin Trader Makes $988K Despite Rug Pull
Despite their lack of utility, memecoins made many millionaires, including a memecoin trader who turned a rug pull into 2,100x gains in 3 hours.
Despite trading a scam token that turned out to be a rug pull—a scam in which creators abandon a project and steal investor funds—a clever trader made nearly 2,100 times their investment in just three hours.
According to a Nov. 20 X post from on-chain intelligence company Lookonchain, a memecoin trader made about $1 million in three hours after investing just two Solana tokens, which are worth around $460.
“This guy made $988K with only 2 $SOL($462) in just 3 hours, a 2,141x return! He spent 2 $SOL($462) to buy 18.89M $Quant and sold 3.71M $Quant for 116 $SOL($27K), leaving 15.18M $Quant($962K).”
The astute trader was dealing in the recently developed Gen Z Quant (QUANT) memecoin, which was made using Pump.fun, Solana’s memecoin launchpad.
However, it was proved to be a fake cryptocurrency.
Memecoins like QUANT continue to draw traders looking for rapid profits despite their notorious volatility and lack of intrinsic utility.
It is not unusual for traders to become billionaires with memecoins.
A Pepe trader profited from the frog-themed memecoins price surge in May, turning $3,000 into $46 million in just one month.
Rug pulls are among the bogus coins that some traders earn from.
In this case, wallet “Fi2h” produced the QUANT memecoin. In a Nov. 20 X post, Lookonchain stated that a youngster who live-streamed while selling all of his tokens was responsible for the rug pull:
“A kid created a coin $Quant while live-streaming and sold all of it for 128 $SOL($30K), making a profit of $29.6K! The 51M $Quant he sold is now worth $4M! He then created $lucy and $sorry, selling all of them for another profit of 103 $SOL($24K)!”
The memecoin community banded together to keep investing in the token after the live-streamed rug pull, and according to GeckoTerminal statistics, the token’s market valuation reached a peak of over $1 million.
As of 10:18 am UTC, the coin was worth $0.0005 and had a market capitalization of $571,000.
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