A trader made an astonishing over 2,100-fold return on investment in just three hours by buying a scam token called Gen Z Quant (QUANT) before it was revealed to be a rug pull. The initial investment of 2 Solana SOL tokens ($237.55 worth around $460) turned into nearly $1 million in profit.
The QUANT memecoin, created on Nov. 20 through Solana’s memecoin launchpad Pump.fun, was launched as a fraudulent token by a teenager who live-streamed the sale of all his tokens for $30,000. Despite this, the token continued to rally and eventually reached over $1 million in market capitalization.
The trader’s success was due to their ability to buy into the token before it was revealed to be fake. The community also joined forces to continue investing in the token, driving its price up despite being a scam.
This incident highlights the extreme volatility of memecoins and the potential for quick gains, but also emphasizes the risks associated with investing in these types of cryptocurrencies.
Source: https://cointelegraph.com/news/savvy-memecoin-trader-earns-988k-despite-rug-pull