Viral, This Boy Screams Pull QUANT Token, $30,000 Coin

Bittime - A quite surprising incident occurred in the cryptocurrency world recently. A young boy managed to make a profit of around $30,000 (around Rp. 468 million) after creating a meme coin called QUANT, then doing a "rug pull" action on livestream. This action immediately went viral and became a hot topic of conversation among crypto fans.

Creating a Token and Performing a Rug Pull

On November 20, 2024, a young person who appeared to be in his teens, created a meme token called QUANT on the Pump.fun platform based on the Solana blockchain. 

Meme tokens are a type of cryptocurrency that are usually created just for fun or for speculation, with no apparent utility value. Usually, tokens like this are chosen by traders who want to make quick profits by taking advantage of high price volatility.

After creating QUANT tokens, this kid then proceeded to do what is known in the crypto world as a “rug pull”. While doing a livestream, he deliberately sold all the tokens he owned, earning 128 Solana (equivalent to $30,000 or IDR 468 million). 

This action caused the price of the QUANT token to immediately fall drastically, leaving investors who bought the token at a high price without being able to make a profit.

Read Also: Latest Bitcoin ATH Record, Will It Break $100K per BTC?

What Is a "Rug Pull"?

For those unfamiliar, "rug pull" is a term in the cryptocurrency world that refers to a scam where the creator of a token or crypto project suddenly sells all of their holdings. 

This is usually done after creating hype or excitement around the token, so that many people buy in the hope that the price will continue to rise. 

However, after investors buy, token creators will withdraw all their funds by selling all the tokens they own, making the token price drop sharply and harming investors. 

The term "rug pull" itself comes from the act of pulling a carpet suddenly, causing the person on it to fall without warning.

Cyber ​​Reaction and Lessons Learned from This Event

Although the boy managed to make a big profit from his "rug pull" action, the online reaction to this incident was quite mixed. Some people actually tried to teach the boy a lesson by buying QUANT tokens and increasing the value of the tokens. 

In a short time, the value of the QUANT token soared, allowing a trader to reap a profit of almost $1 million (around IDR 15 billion) after buying the token after the rug pull.

This viral video shows how the world of cryptocurrency is very dynamic and can change quickly, be it for positive or negative things. Even though this boy's actions received a lot of criticism, it cannot be denied that this incident has become a topic of discussion on various platforms. As viewers, we can learn a lot about how important it is to be careful when investing in the crypto world.

Conclusion

This incident is a reminder to everyone about the dark side of the cryptocurrency world, especially related to meme coins and actions such as "rug pulls". Although it can be profitable in a short time, this kind of action is very risky, especially for investors who are not careful. This incident also shows the importance of having sufficient knowledge before diving into the crypto market, considering its high volatility and the possibility of fraud that can occur at any time.

Read Also: Bitcoin Rainbow Chart: Understanding and How to Understand BTC Market Sentiment

FAQs About Rug Pull

What is Rug Pull?

Rug pull is a fraud carried out by irresponsible developers, it is a type of fraud that often occurs in the crypto market.

How Features Rug Pull?

Untested Token, Excessive Profit Claims, Too much emphasis on price Excessive Promotion, and Non-Transparent Whitepaper.

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Reference:

Chung, Frank, Media News.com.au, accessed November 22, 2024.

Solana Floor, X Solanafloor Account, accessed November 22, 2024.

Author: MF