A young trader pulled off a pump-and-dump scheme on the coin called QUANT token, but the crypto community countered by rallying the token’s price.
Trader Live Streams Token Dump
A pump-and-dump coin created by an unidentified young trader saw its market capitalization continue to surge hours after he dumped his holdings on unsuspecting users. Although the trader is said to have pocketed $30,000 from the live-streamed dump, the crypto community, appalled by the Gen Z trader’s brazen antics, responded by pumping the coin.
A combination of a viral video on X showing the young trader celebrating and the community’s pumping efforts pushed QUANT’s market capitalization to $35 million. At this valuation, the value of the QUANT coins sold by the trader during the live stream reportedly exceeded $1 million. At the time of writing (Nov. 20, 4 pm EST), some social media users claimed the coin’s market capitalization had risen to $56 million, further highlighting the missed opportunity for the trader.
One social media user said the community’s decision to pump QUANT was intended to teach the Gen Z trader a lesson.
“Gen Z kid rugged a token live on video, on his pumpfun called Quant. We ran into him months ago and tried to support him on his journey in crypto. Turns out he’s a little d**chebag. The community is now mooning this to teach him a lesson,” the user explained.
However, some supporters of the young trader have countered, insisting that the coin would not have sparked interest if the live stream had not been watched by many users.
Most reactions to the viral video focused on the young trader’s overexcitement and the community’s revenge. However, claims that the trader made other attempts to rug users in the past have led some social media users to question the process of creating or launching digital assets on decentralized platforms.
#binance #wendy #bitcoin #memecoin $BTC $ETH $SOL
