A smart trader made a profit of more than 2,100 times in just three hours, despite entering a scam token trade that turned out to be a “rug pull” — a type of scam where developers abandon a project and misappropriate investment funds.
A memecoin trader made nearly $1 million in profit in just three hours from an initial investment of just 2 Solana Tokens (SOL) worth about $460, according to a Nov. 20 post from blockchain data firm Lookonchain:
“This person made 988K USD with just 2 $SOL (462 USD) in 3 hours, achieving a profit of 2,141 times! He spent 2 $SOL (462 USD) to buy 18.89 million $Quant and sold 3.71 million $Quant for 116 $SOL (27K USD), leaving 15.18 million $Quant (962K USD).”
Smart memecoin trader, buying QUANT. Source: Lookonchain
This sharp trader is trading the emerging Gen Z memecoin Quant (QUANT), a type of Token created through the memecoin launchpad of Solana, Pump.fun, which has since proven to be a fraudulent Cryptocurrency.
Despite being notorious for extreme volatility and lack of fundamental utility, memecoins like QUANT still attract traders looking for quick profits. Cases of traders becoming millionaires thanks to memecoins are not rare. In May, a Pepe (PEPE) trader turned 3,000 USD into 46 million USD in just one month, thanks to the price surge of this frog-inspired memecoin.
The QUANT memecoin trader achieved over 2,100 times profit despite the “rug pull.”
Some traders are making profits on fraudulent Cryptocurrencies, including “rug pulls.”
In this case, the memecoin QUANT was created by the wallet “Fi2h”. The “rug pull” was executed by a teenager live streaming as he sold all the Tokens, Lookonchain reported in a post on X on November 20.
“A boy created a $Quant coin while live streaming and sold all of those Tokens for 128 $SOL (30K USD), netting a profit of 29.6K USD! 51 million $Quant that he sold is now worth 4 million USD! Later, he created $lucy and $sorry, selling them all to earn an additional profit of 103 $SOL (24K USD)!”
The creator of QUANT. Source: Lookonchain
In response to the live “rug pull” incident, the memecoin community has united to continue investing in the Token, which has now reached a market capitalization of over 1 million USD, data from GeckoTerminal shows.
QUANT/USD, market capitalization, all-time chart. Source: GeckoTerminal
The token is trading at 0.0005 USD, with a market capitalization of 571K USD as of 10:18 UTC.
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