Savvy

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 <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/why-are-memecoins-up-today" rel="null" target="null" text="null" title="null">memecoin</a> trader netted nearly $1 million worth of profit in just three hours from an initial investment of only 2 Solana (<a data-ct-non-breakable="null" href="https://cointelegraph.com/solana-price-index" rel="null" target="null" text="null" title="null">SOL</a>) tokens worth around $460, <a data-ct-non-breakable="null" href="https://x.com/lookonchain/status/1859132037736919477" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/lookonchain/status/1859132037736919477">according</a> to a Nov. 20 X post from onchain intelligence firm Lookonchain:
<blockquote>
 “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).”
</blockquote>
<figure>
 <img alt="Savvy memecoin trader makes $988K in 3 hours despite rug pull" src="https://s3.cointelegraph.com/uploads/2024-11/019348e2-3284-73b5-becf-256a43f7c568" title="">
 <figcaption style="text-align: center;">
 Savvy memecoin trader, QUANT buy. Source: Lookonchain
 </figcaption>
</figure>
The trader was dealing in the newly created Gen Z Quant (QUANT) memecoin, a token created through Solana’s memecoin launchpad, Pump.fun, which subsequently turned out to be a fraudulent cryptocurrency.
Despite being known for extreme volatility and a lack of fundamental utility, memecoins like QUANT continue to attract traders seeking quick gains. Instances of traders becoming millionaires through memecoins are not uncommon. In May, a Pepe (<a data-ct-non-breakable="null" href="https://cointelegraph.com/pepe-price-index" rel="null" target="null" text="null" title="null">PEPE)</a> trader <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-trader-46m-3k-pepe-price-soars" rel="null" target="null" text="null" title="null">turned $3,000 into $46 million</a> in a month, capitalizing on the frog-themed memecoins price rally. 
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/rwa-tokenization-trillion-dollar-growth-driven-financial-institutions" rel="null" target="null" text="null" title="null">Financial institutions will drive RWA tokenization’s trillion-dollar growth</a>
<h2 id="quant-memecoin-trader-makes-over-2-100x-return-on-investment-despite-rug-pull">Quant memecoin trader makes over 2,100x return on investment despite rug pull</h2>
The memecoin trader managed to generate a significant profit of nearly $1 million, despite the fact that the QUANT memecoin was launched as a fraudulent rug pull.
The QUANT memecoin was created on Nov. 20 by wallet “Fi2h.” The fraudulent token and subsequent rug pull was orchestrated by a teenager who live-streamed as he sold all his tokens, Lookonchain wrote in a Nov. 20 X <a data-ct-non-breakable="null" href="https://x.com/lookonchain/status/1859144909841985912" rel="null" target="null" text="null" title="null">post</a>:
<blockquote>
 “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)!”
</blockquote>
<figure>
 <img alt="Savvy memecoin trader makes $988K in 3 hours despite rug pull" src="https://s3.cointelegraph.com/uploads/2024-11/019348e2-a340-7cef-b598-c1705a7e142f" title="">
 <figcaption style="text-align: center;">
 QUANT creator. Source: Lookonchain
 </figcaption>
</figure>
Despite the teenager’s efforts to rug the investors and make away with the liquidity, the memecoin continued to rally.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-fast-track-100k-high-november-analysts" rel="null" target="null" text="null" title="null">Bitcoin price could fast-track to $100K high in November — Analysts</a>
In response to the live-streamed rug pull, the memecoin community joined hands to continue investing in the token, which rose to a high of over $1 million in market capitalization, GeckoTerminal <a data-ct-non-breakable="null" href="https://www.geckoterminal.com/solana/pools/HyK3pJb4nyzDo7eUoAD1uhaGjzXnGXCCdS5QxgHsLgMq" rel="null" target="null" text="null" title="null">data</a> shows.
<figure>
 <img alt="Savvy memecoin trader makes $988K in 3 hours despite rug pull" src="https://s3.cointelegraph.com/uploads/2024-11/019348e3-1d56-70e3-9821-538052a7aa45" title="">
 <figcaption style="text-align: center;">
 QUANT/USD, market capitalization, all-time chart. Source: GeckoTerminal
 </figcaption>
</figure>
The token traded at $0.0005, with a $571,000 market capitalization, as of 10:18 am UTC.<iframe width="100%" height="315" src="https://www.youtube.com/embed/S0U1nIWNzMI" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
Kitboga Reveals How He Outsmarts Scammers. Source: YouTube
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/fbi-tokens-ai-crypto-wash-trades-is-it-legal/" rel="null" target="null" text="null" title="null">Legal issues surround the FBI’s creation of fake crypto tokens</a><advertisement>
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Savvy memecoin trader makes $988K in 3 hours despite rug pull

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