In a lucky draw attempt, a GenZ kid created the QUANT token and sold it within hours to make $30,000 in profit. However, much to his surprise, the crypto community came together and took the token to new heights. As a result, the token rose by 71,000%, making it the rarest crypto trading experience in the industry.
The crypto market has a global market capitalization of $3.11 billion, where millions of investors come together to participate in crypto trading, so unique incidents occur almost daily. However, something like this is being observed for the first time, making it the biggest crypto scam failure.
GenZ Rug Pull Scam Fails and Crypto Trading Community Wins
A GenZ kid’s mass creation and sale of tokens became the highlight of the day when he live-streamed the process, drawing both laughter and anger from the crypto trading community. This amateur trader launched a Memecoin SolanaQUANT on Pump.fun, the popular memecoin launch site, and sold all of its 51 million QUANT for 128 SOL, worth $30,000. However, the same $51 million token became $4 million after the crypto community pumped it in revenge.
A child created a coin $Quant during the live broadcast and I sold the whole thing for 128 $ SOL($30,000), making a profit of $29.6 thousand!
The 51M $Quant it sold is now worth $4 million!
He then created $lucy And $ sorryselling them all for an extra profit of 103 $ SOL($24,000)!
Address:… pic.twitter.com/TYbS6psUYp
– Lookonchain (@lookonchain) November 20, 2024
Although the creator made a profit of $29.6k, he lost millions. Interestingly, other holders took full advantage of the pump, as QUANT price surged 71,386% in just six hours per Lookonchain post. With this, the token peaked at its ATH, where one token became equivalent to $0.07876. More importantly, it gained a trading volume of $213.7 million, impressing netizens.
Scammer Created Two Extra Tokens, Winning Another $24,000
With a profit of $30,000, the GenZ scammer created two more tokens, LUCY and SORRY. He named the coin LUCY after his dog and sarcastically SORRY for his crypto scam. More importantly, he opted for another rug pulling program, earning 103 SOL, worth $24,000 at the time.
As this was all in the public eye, viewers expressed their desire to take strict action against the child. This is because crypto scams are increasing exponentially in the market and many have lost their entire savings to such scams. In a scam, South Korean police arrested 215 people after embezzling $232 million.
Some remembered the child from a past event and were shocked by his actions. After extensive research, the crypto community tracked the child’s whereabouts and even commented on his mother’s social media post to inform her about this scam incident.
What is the current performance of the QUANT token?
GenZ’s three crypto tokens made a splash in the crypto trading community, but things are slowing down again. Several hours have passed since the incident and the performance of the QUANT token is decreasing over time. This is common for new popular coins as they pump with hype and fall once the trend ends. It is now worth $0.03075 after losing more than 50% of its value. Additionally, its market capitalization has fallen to $28.4 million, but trading volume remains high at $317.5 million.
Interestingly, despite the decline, many crypto investors made decent gains while selling at a high price. Additionally, the token is still up 28,000% and trending across all social media, which could aid the recovery in the future.
Pooja Khardia
With a deep-rooted passion for reading and five years of experience in content writing, Pooja is now focused on creating trending content in the cryptocurrency market. As a dedicated crypto journalist, Pooja is constantly on the lookout for trending topics and informative statistics to create compelling articles for crypto enthusiasts. Keeping up with the latest trends and advances in the field is an integral part of his daily routine, fueling his commitment to providing timely and insightful coverage.
Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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