Public account: Lazy King Squirrel
A young investor, seemingly in his teens, livestreamed the cryptocurrency scam he carried out under the guidance of a mentor. He sold 51 million QUANT meme coins for $30,000 using 128 Solana (SOL) tokens, the blue-chip public chain of the US, unexpectedly making a profit of $29,600. After completing the classic "Rug Pull" action, he launched a fierce attack on crypto traders. However, he missed out on a $4 million wealth opportunity by exiting too early.
The so-called "Rug Pull" action refers to running away, when users invest in a certain cryptocurrency project, the project party suddenly disappears with the assets and abandons the operation, and the traders become the victims of the "Rug Pull", which is one of the common scams in Web3.
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As Bitcoin soared towards $100,000, the fear of missing out (FOMO) sentiment surged in the market.
According to Lookonchain tracking data, a young investor sold 51 million QUANT meme coins for $30,000 using 128 SOL, making a profit of $29,600. However, the hype after the "Rug Pull" has brought more liquidity to the meme coin.
As of the time Lookonchain published, the nominal value of the 51 million tokens had reached $4 million.
Interestingly, this meme coin scam was live-streamed, with the young investor, under the guidance of a mentor, broadcasting the entire process. It's worth noting how excited and surprised he was after selling and receiving the money, and how he flipped the middle finger at the camera after duping the crypto traders.
When the crypto community retaliated and even exposed the child's family, he created another meme coin called the "im sorry" SORRY token. Traders bought it again, only to be attacked by the child once more.
In addition to the SORRY token, this Gen Z quant trading founder also used LUCY to complete his third "Rug Pull" action.
According to Lookonchain, the young man made a profit of 103 SOL, worth $24,000, through SORRY and LUCY.
This story reflects the "greater fool theory", where traders buy high-priced assets, hoping to sell them at an even higher price later. The child exited early, taking $30,000, which is a classic scam, and the only purpose of creating meme coins was to drain the market's liquidity.
Traders hoped to profit by flipping coins, but ended up being the "greater fools" in the eyes of this Gen Z quant trading founder. However, they do this in the hope of treating an even bigger fool the same way, and they are all victims of their own greed.
Regarding this matter, the well-known opinion leader Kermit warned meme coin traders that most of them will eventually become the exit liquidity for others, losing heavily while chasing the fantasy of making millions.
"You are not the 0.5% who can emerge as winners from the meme coin craze. Most of us will lose more than we gain. The timeline will make you believe you can make millions trading meme coins every day. Instead, you will lose most of your wealth chasing others' wealth. The timeline is not trying to help you become a millionaire, but to provide exit liquidity."
The cycle of greed is evident, as investors continue to buy even after the initial rush. Eventually, the meme coin market becomes popular in this cycle, with crypto traders trying to outdo each other in the predatory game of player-versus-player.
