The QUANT token was created through the popular Solana token launch platform Pump.fun. According to a report from the blockchain analysis platform Lookonchain, this teenager performed a rug pull during a live stream, quickly selling all tokens and earning 128 SOL (approximately $30,000).
Specifically, he purchased 18.89 million QUANT tokens with an initial investment of only 2 SOL (about $460), and within just three hours sold 3.71 million of those tokens for 116 SOL (about $27,000), while the remaining 15.18 million tokens reached a market value of $962,000.
Market reaction to the unexpected rise of the token
Although the creators of the QUANT token attempted to withdraw liquidity through rug pull actions, unexpectedly, the market reaction to the QUANT token was contrary to expectations.
With the spread of social media, the market capitalization of the QUANT token broke $1 million in a short period, a phenomenon not rare in the current cryptocurrency market frenzy. Especially after Donald Trump won the U.S. presidential election, the entire meme coin market experienced a huge surge.
The allure and risks of meme coins
The event of the QUANT token once again proves the extreme volatility of the meme coin market and its limited fundamental utility. Nevertheless, many traders are still attracted by the opportunity for quick profits. For example, back in May of this year, an investor turned an investment of $3,000 in the frog-themed PEPE token into $46 million in just one month. Such stories are not uncommon in the meme coin community, drawing in a large number of speculators.
