As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen it all – from the dot-com bubble to the 2008 global financial crisis and now, the wild world of cryptocurrencies. This recent story of the Quant memecoin trader who made an over 2,100-fold return on investment in just three hours is a tale that’s as fascinating as it is cautionary.
A savvy trader made an over 2,100-fold return on investment in just three hours despite trading a scam token that turned out to be a rug pull — a scam where developers abandon a project and steal investor funds.
A user who trades meme coins made approximately one million dollars in profit within a span of three hours, starting with an initial investment of just 2 Solana (SOL) tokens valued around $460, according to a report published by the on-chain intelligence firm Lookonchain on November 20.
“This guy made $988K with only 2 $SOL($462) in just 3 hours, a 2,141x return! He spent 2 $SOL($462) to buy 18.89M $Quant and sold 3.71M $Quant for 116 $SOL($27K), leaving 15.18M $Quant($962K).”
A shrewd investor found themselves dealing with the freshly minted Gen Z Quant (QUANT), a meme-based coin originating from Pump.fun’s memecoin platform on Solana, unfortunately discovering later that this digital currency was indeed a deceitful form of cryptocurrency.
Even though memecoins like QUANT have a reputation for significant price swings and limited practical value, they still draw traders who aim for rapid profits. It’s not unusual to find individuals turning millions from trading memecoins, as exemplified by the case of a Pepe (PEPE) trader who transformed $3,000 into $46 million in just one month during May, leveraging the surge in the value of frog-themed memecoins.
Quant memecoin trader makes over 2,100x return on investment despite rug pull
Some traders generate a profit on fraudulent cryptocurrencies, including rug pulls.
In this case, the QUANT memecoin was born from the wallet “Fi2h.” However, the rug pull was masterminded by a teen who broadcasted himself dumping all his coins. According to Lookonchain’s post from November 20th, this information was shared on their platform.
“A kid created a coin $Quant while live-streaming and sold all of it for 128 $SOL($30K), making a profit of $29.6K! The 51M $Quant he sold is now worth $4M! He then created $lucy and $sorry, selling all of them for another profit of 103 $SOL($24K)!”
Following the live streamed incident where the value of my memecoin plummeted, I found myself joining forces with fellow investors to keep faith in the token’s potential. Remarkably, our collective efforts led to an impressive surge in its market capitalization, reaching a peak above $1 million according to GeckoTerminal data.
The token traded at $0.0005, with a $571,000 market capitalization, as of 10:18 am UTC.
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2024-11-20 12:58