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    From meme to millions: The rise and fall of Gen Z Quant, a memecoin saga

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    HI, SBI Virtual Currencies The Bank-Backed Japanese Exchange With Big Plans, crypto, coin, business synergy and institutional investors, investment, asian man, banker, profit, income, earnings, phone

    30s Summary

    An investor turned an initial bet of two Solana (SOL) tokens, costing around $460, into nearly $1 million in just three hours by trading a new memecoin, Gen Z Quant (QUANT). However, the coin turned out to be part of a scam called a rug pull. Despite this, the memecoin community continued to invest in the coin, driving its market value over $1 million. Currently, the coin is trading at $0.0005, with a market cap of $571,000.

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    A lucky person scored a massive win, multiplying their investment over 2,100 times in just three hours. The surprising part? The coin they were trading in ended up being a scam. This coin was created as part of a rug pull – a scam where developers flush a project and make off with the money investors put in.

    This guy made bank by trading a memecoin, a type of digital currency known for its volatility and lack of real-world use. He turned an initial bet of only 2 Solana (SOL) tokens, which cost him about $460, into a staggering sum of nearly $1 million in just three hours, according to the online firm Lookonchain.

    This poster boy for risky trading was dealing with a new memecoin called Gen Z Quant (QUANT). This coin was born off Solana’s memecoin launchpad, Pump.fun, which later turned out to be a fraudulent cryptocurrency.

    Despite their reputation for wild price swings and not really being useful for anything in the real world, these memecoins like QUANT continue to reel in traders hoping for lightning-fast profits. There have been a few times where traders became millionaires pretty much overnight by trading these coins. In May, someone who was trading a Pepe (PEPE) memecoin turned $3,000 into a whopping $46 million in one month.

    In this case, the QUANT memecoin was made by someone going by “Fi2h.” The same person pulled a fast one by creating a coin while live-streaming, selling it all off for 128 SOL (roughly $30K) and pocketing a cool profit of $29.6K.

    Despite the scam, the memecoin community rallied around this coin. They kept investing in it and drove its price to more than $1 million in market value, according to data from GeckoTerminal.

    Right now, this panda-themed coin is trading at $0.0005, with a market cap of $571,000.

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