Teen Rugs Investors After Making $30K from His Meme Coin, Leading to a “Massive” Revenge Surge

Teenager's Meme Coin Fumble Becomes Crypto's Latest Drama

A teenage crypto developer who launched a meme coin on 19 November 2024 found himself at the centre of a whirlwind after his rug-pull attempt backfired in spectacular fashion.

The young developer, who had quickly become a viral sensation for boasting about his quick crypto earnings, made $30,000 in minutes from his newly launched token, GenZ Quant (QUANT).

But instead of cashing out quietly, he went live, celebrating his quick profit with an air of defiance.

The moment he dumped his token, the price crashed by 54%, leaving many investors in the dust.

But the drama didn’t end there — the crypto community was far from amused.

The Viral Moment That Sparked It All

The saga began days before, when a picture of the teenager posing with his $2,000 profits went viral.

The X post that caught the attention of millions, reads:

"Just made $2K before school. Lock in."

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Just made $2k before school <br><br>Lock in <a href="https://t.co/CG9qkk9EiS">pic.twitter.com/CG9qkk9EiS</a></p>&mdash; Solana Plays (@SolanaPlays) <a href="https://twitter.com/SolanaPlays/status/1858532083070640565?ref_src=twsrc%5Etfw">November 18, 2024</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

The internet couldn’t help but laugh at the notion of a teen making money in crypto, and degens were quick to hop on the hype train.

The kid’s apparent success and viral post made him an overnight sensation.

By 21 November 2024, the teenager had launched his new token, QUANT, through the meme coin platform Pump.fun.

Source: Pump.fun

His livestream quickly gathered a crowd as the dev hyped the token, which seemed like a genuine opportunity for anyone willing to take a risk.

From a pseudonymous trader Nocci’s point of view, who bought the token:

"I believe anyone who invested in QUANT and watched the livestream, including myself, genuinely thought it could be a promising coin. After all, it’s not every day you see a 12-year-old who made $2,000 launching their own token. The hype was strong."

The Rug Pull Leads to A Virtual Revenge That Sent QUANT to the Moon

But as soon as QUANT hit the $1 million market cap, the developer made his move.

He quickly sold off his holdings, leaving investors watching in horror as the price of QUANT plummeted.

Within seconds, the token lost half its value.

Bubblemaps, an on-chain data company, was quick to label it a "rug pull," tracking the developer’s sudden exit from the market.

Unfazed by the backlash, the young dev seemed more focused on his gains than the chaos he caused.

On his livestream, he gleefully jumped around the room, flipping off viewers and laughing about his newfound wealth, shouting:

“Thanks for the 20 bandos.”

He was referring to the $20,000 he had made — a figure that, according to on-chain data, was closer to $30,000.

Despite the crumbling price, he appeared unbothered, basking in the success of his momentary triumph.

What happened next was a crypto spectacle.

A group of disgruntled investors took matters into their own hands, pumping QUANT’s value higher and higher as they rallied together in response to the dev's cocky celebration.

The meme coin, which had initially surged to a $1 million market cap, saw its value shoot up to a staggering $85 million in just hours.

They weren't just trying to make a profit; they were out for a bit of revenge.

Nocci commented on the situation:

"It's almost like a revenge pump. People started buying in, creating a buzz, and spreading the word to show that the community could turn things around after being scammed by the kid."

As one trader put it, the dev’s actions "made the narrative" for QUANT.

“Him dumping was crucial, it made the narrative,” said Beezy, another meme coin enthusiast. “Crypto for sure got its revenge.”

As the token's market cap skyrocketed, so did the attention it attracted.

Among the many who saw the meme coin’s potential, even popular Twitch streamer xQc joined in, bringing 181,000 viewers to the drama.

Had the dev kept his holdings, his $30,000 could have ballooned to over $4 million — a sum he lost by acting too soon.

Personal Attacks and Escalating Drama

However, not everyone saw the humour in the situation.

As QUANT’s rise to an $85 million market cap continued, so did the anger directed at the developer.

Some disgruntled traders took things too far, tracking down the kid’s identity and leaking his address and school details.

They also bombarded his apparent mother’s Instagram with hateful messages.

Not only that, they also turned his family into memecoins on Pump.fun.

The Same Cycle Repeats with “I’m Sorry” and “LUCY”

Following the QUANT debacle, the young developer didn’t seem to be deterred.

He quickly launched two more meme coins, "I’m Sorry" (SORRY) and "LUCY."

Both tokens had their own brief moments of success, reaching market caps of $4.5 million and $3.8 million, respectively.

However, as before, the developer took his profits early, selling out while the tokens were still in their infancy.

Another pseudonymous trader SaaS Wiz, who bought the token at a $20,000 market cap, defended the young developer’s actions, stating:

“The kid did nothing wrong. He never promised a long-term roadmap or the future of finance. It's a meme coin. This is all insanely speculative.”

His words rang true for many in the crypto community, who see these projects as little more than high-risk bets with no guarantees of success.

He added:

"This is great for crypto. It's going to onboard so many new people for the bull run."

While some may consider the dev’s actions reckless, others see it as simply part of the game in the unpredictable world of meme coins.

However, will this teenager’s antics be a turning point in the evolution of meme coins?

Or, will others follow in his wake, launching their own tokens with the hope of creating viral moments and quick profits?

This chaotic, often absurd side of crypto continues to push boundaries — and offers plenty of food for thought.