An investor who looks like a teenager, under the guidance of a mentor, live-streamed his cryptocurrency scam. He sold 51 million QUANT meme coins worth $30,000 for 128 Solana tokens, a blue-chip U.S. public chain, SOL, and made an unexpected profit of $29,600. After completing the classic "Rug Pull" action, he launched a fierce attack on cryptocurrency traders. But because he exited too early, he missed a $4 million wealth opportunity.
The so-called "carpet rolling" operation refers to running away. When a user invests in a certain cryptocurrency project, the project party suddenly disappears with the assets and abandons operations. The trader becomes a victim of "carpet rolling", which is also one of the fraud methods often encountered by Web3.
As Bitcoin surges toward $100,000, fear of missing out (FOMO) is surging in the market.
According to Lookonchain tracking data, a child investor sold 51 million QUANT meme coins at 128 SOL, worth $30,000, making a profit of $29,600. However, the craze after the "carpet roll" brought more liquidity to the meme coin.
As of the time of Lookonchain’s release, the notional value of the 51 million tokens has reached $4 million.
Interestingly, this recent memecoin scam was live-streamed when the kid investor live-streamed the entire process under the guidance of a mentor. It is noteworthy how excited and surprised he was after selling and receiving the money, and he gave the camera a middle finger after fooling the cryptocurrency trader.
When the crypto community fought back, even exposing the kid’s family, he created another meme coin, the SORRY token, which reads “im sorry.” Traders bought it again, only to be attacked by the kid again.
In addition to the SORRY token, the founder of Generation Z quantitative trading also used LUCY to complete his third "carpet rolling" operation.
According to Lookonchain, the young man made a profit of 103 SOL worth $24,000 through SORRY and LUCY.
This story exemplifies the “greater fool theory” where traders buy high priced assets with the expectation of selling them later at a higher price. This kid exited early with $30,000, a classic scam where his only purpose in creating memecoin was to drain the market of liquidity.
Traders hoping to get more out of flipping a coin end up being bigger fools in the eyes of the founders of quantitative trading in Generation Z. However, in doing so, they hope to treat bigger fools the same way, who are all victims of their own greed.
In response to this, well-known opinion leader Kermit warned memecoin traders that most of them will eventually become someone else's exit liquidity, suffering heavy losses while chasing the fantasy of making millions of dollars.
“You are not the 0.5% that will emerge victorious from the memecoin craze, most of us will lose more than we gain. Half of the timeline would have you believe you can make millions of dollars a day trading memecoins. Instead, you will lose most of your wealth chasing other people’s wealth. The timeline is not trying to help you become a millionaire, it’s trying to get you exit liquidity.”
The cycle of greed was evident as investors continued to buy after the initial rush. Eventually, the memecoin market became popular in this cycle, with cryptocurrency traders trying to outsmart each other in a game of player-vs-player plunder.
