Gen Z Kid Rugs Crypto Traders Twice More After $30k ‘Quant’ Memecoin Rug Pull

In another cautionary tale against chasing “greater fool” games, a kid rug-pulled crypto traders for an unexpected $30,000 profit. However, the self-called “degen” market struck back, sending the memecoin up, making the kid miss over $4 million in gains.

A self-proclaimed “degen” kid has reportedly made a quick $29,600 profit after rug-pulling cryptocurrency traders with his own memecoin, Gen Z Quant ($QUANT). However, the market quickly reacted, sending the memecoin up and making the kid miss out on over $4 million in gains.

The recent memecoin rug pull took place live as the kid streamed the entire process, guided by a mentor. Notably, he appeared euphoric and surprised after selling and collecting the money, giving his middle fingers to the camera after fooling his audience.

According to Lookonchain, the kid sold 51 million $Quant for 128 SOL, valued at $30,000, netting him a $29,600 profit. However, the buzz following the rug pull brought even more liquidity to the memecoin, with the 51 million tokens reaching a nominal value of $4 million by the time of Lookonchain's post.

As the cryptocurrency community reacted, even doxxing the kid's family, he went on to create another memecoin called "im sorry" (sorry). Traders bought into it again, only to suffer another rug pull from the kid.

In addition to $sorry, the Gen Z Quant creator also deployed $lucy for his third rug pull in a roll. According to Lookonchain, the kid amassed another 103 SOL in profits for $sorry and $lucy, totaling $24,000.

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)!

Address:… pic.twitter.com/TYbS6psUYp

Gen Z Quant ($QUANT) memecoin price analysis

Finbold retrieved data from dexscreener at 1 p.m. UTC on November 20, showing a price of $0.05935, still sustaining its gains. Quant is up 55,770% in the last 24 hours, and the kid's sold stash would now be worth slightly over $3 million, with a $60.3 million market cap.

The Quant/SOL liquidity pool, however, only has a $2 million liquidity, which would difficult any profit realization.

From 175,412 total transactions, 95,659 were of crypto traders buying the kid's memecoin after the rug pull.

Memecoin rug pulls and the greater fool theory

This story serves as an example of the greater fool theory, where traders buy into an overvalued asset expecting to sell it later at a higher price. The kid's early exit for $30,000 was a classic rug pull, having created the memecoin with the sole intention of extracting the market's liquidity.

Traders, hoping to flip the coin for more, became the greater fools of Gen Z Quant's creator. Yet, they did so expecting to do the same with greater fools, all victims of their own greed.

Commenting on the matter, Kermit warned memecoin traders that most of them will end up becoming somebody else's exit liquidity, losing money while chasing the illusion of making millions of dollars.

“You are not part of the 0.5% who can come out of this memecoin craze a winner. Most of us will lose more than we will make. Half of the timeline will make you believe that you can make millions every day trading memecoins. Instead, you will lose most of your wealth chasing someone else’s. The timeline isn’t trying to help you become a millionaire, it is trying to make you its exit liquidity.”

The cycle of greed was evident as investors continued buying even after the initial rug pull. Memecoin markets have become popular this cycle, with crypto traders attempting to outsmart each other in a player-versus-player extractive game.

Kermit the Frog on memecoins: Most will lose more than they will make

After Gen Z Quant (SQUANT) rug pullers reportedly got doxxed by crypto traders, Kermit the Frog joined the discussion to comment on memecoin traders.

According to a recent report by Lookonchain, a Gen Z crypto enthusiast created a memecoin called SQUANT and performed a rug pull, which was guided by his mentor throughout the process. Notably, the kid managed to make a quick $29,600 profit from the rug pull, which was achieved in under 30 minutes.

However, the quick gains caught the attention of crypto traders, who even managed to identify and dox