Trader Defies Rug Pull to Net $988K Profit in Just Three Hours
In a remarkable turn of events, a savvy cryptocurrency trader achieved a 2,100-fold return on investment in just three hours, despite trading a scam token that turned out to be a classic rug pull. Rug pulls, where developers abandon a project after stealing investor funds, remain a persistent issue in the crypto space.
The trader invested just 2 Solana (SOL) tokens—worth approximately $460—into Gen Z Quant (QUANT), a memecoin launched on Solana’s Pump.fun platform. According to on-chain analytics firm Lookonchain, this small stake resulted in nearly $1 million in profits. The firm detailed in a Nov. 20 post on X:
“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).”
Despite being later revealed as a fraudulent project, the trader managed to capitalize on the memecoin’s meteoric rise. QUANT was created by a teenager using the wallet handle “Fi2h,” who live-streamed the rug pull while selling off all tokens for a profit of 128 SOL (about $30,000). The teenager subsequently launched two more fraudulent tokens, “$lucy” and “$sorry,” netting another 103 SOL ($24,000).
Surprisingly, the rug pull didn’t deter investors. Following the live-streamed scam, the memecoin community rallied to continue investing in QUANT. This momentum propelled the token to a market capitalization exceeding $1 million, according to GeckoTerminal data.
Memecoins, known for their extreme volatility and speculative nature, often attract risk-tolerant traders hoping for outsized gains. Similar success stories, like a Pepe (PEPE) trader turning $3,000 into $46 million in a month, highlight both the potential and perils of these investments.
The case of QUANT underscores the unpredictable dynamics of memecoins, where even scams can turn into lucrative opportunities under the right circumstances. However, it also serves as a cautionary tale, reminding traders to remain vigilant in a market rife with risks.
