Savvy memecoin trader makes $988K in 3 hours despite rug pull
Summary
A trader achieved a 2,141-fold return on investment, netting nearly $1 million from an initial investment of 2 Solana (SOL) tokens, valued at approximately $460, in just three hours. The trader bought 18.89 million Quant (QUANT) tokens and sold 3.71 million for 116 SOL, retaining 15.18 million QUANT worth $962,000. The QUANT token was launched through Solana’s Pump.fun but was later revealed to be a rug pull scam orchestrated by a teenager who live-streamed the sale of his tokens for a profit of $29.6K. Despite the fraudulent nature of the token, the memecoin community continued to invest, pushing its market capitalization over $1 million. As of 10:18 am UTC, QUANT traded at $0.0005 with a market cap of $571,000.
