Since this morning, the story of the QUANT memecoin has been making the rounds on social networks. A young man created a memecoin, quickly making tens of thousands of dollars in profit. However, the story did not end well for him.
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The type of story we only experience in crypto. A young man, presumably a miner, created a memecoin on the decentralized Pump.fun protocol directly via a livestream. So far, nothing really incredible. Except that, against all expectations, the price of memecoin quickly climbed.
So, live, this child lost his calm in the face of the considerable increase experienced by the price of his token launched under the ticker “QUANT”. In a few moments, he was able to sell the supply of his own wallet and generate $29,600 in profit before ending his stream.
The Pump Fun drama continues 🖨️💵
This kid just created a coin called $quant
He launched it on Pump Fun and rugged it for $30k $SOL
The community responded 🧵🧵🧵 pic.twitter.com/1FU2VSoOKo
— That Martini Guy ₿ (@MartiniGuyYT) November 20, 2024
The story could have ended there, and the young man could simply have been one of the – very – rare lucky ones to generate profits with a memecoin launched on Pump.fun. Except that the story quickly spread on social networks, notably X, and that a mass of investors joined in the game.
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The latter put their hands in their pockets to try to take advantage of the craze around memecoin, further increasing the price of QUANT. Thus, while the creator of the memecoin had sold 51 million QUANT tokens for a profit of $29,600, these were worth over $6 million at the ATH of $0.11940.
Although the event took place around 5 a.m., other investors are still betting on the QUANT as of this writing. The memecoin thus has a market capitalization of almost $70 million, with a traded volume of more than $275 million over the last 24 hours..
QUANT is not the only memecoin launched by the young man. Almost at the same time, he also launched the “LUCY”a priori in homage to the name of his dog, as well as the “SORRY”named after his attempted rug pull.
However, he also sold part of the supply of these 2 memecoins for a profit of $24,000. The latter being part of this story which has been animating social networks since this morning, their price has also progressed.
The market capitalization of LUCY is currently worth over $2 millionwhile that of SORRY approaches $1.5 million.
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A funny story, but one that could end badly
The child having initially “rug pulled”, some investors wanted to get their change back. Quickly, his identity, that of his parents, his address as well as his family's social network accounts (TikTok and Instagram in particular) were broadcast on the Internet, clearly putting them in danger.
The rise of memecoins is based on current trends (the PNUT is a good example), some have even launched tokens on Pump.fun with photographs of the young man's family, sometimes indicating the URLs of the accounts of their respective social networks. Most of them only had brief success.
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A story which therefore reminds us that it is never good to show off your winnings, even less if they are won on the backs of other people.. And this is also an opportunity to recall the absurdity of the majority of memecoins, whose price can go violently in one direction or the other, taking advantage of the hopes of investors who think of betting early on the future Dogecoin.
Let us also remember that 98.6% of memecoins launched on Pump.fun never arrive on Raydium, and that more than 98% of investors lose money by betting on memecoins.
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Maximilien Prué
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