Teenager Behind Solana Meme Coin Executes Public Rug Pull

- A meme coin issued by a teenager on Solana reached a market cap of $1 million, after which the tokens were entirely sold off, resulting in a rug pull. - Following this, two additional meme coins were issued, achieved market caps, and were subsequently rug-pulled. [Unblock Media] A shocking incident involving a Solana meme coin recently occurred. The coin’s developer, allegedly a 12-year-old boy, dumped his tokens after the coin’s market cap reached 1 million dollars, deceiving investors. This type of scam is known as a 'rug pull,' where cryptocurrency project developers abruptly withdraw all funds, causing losses to investors. The incident gained further attention as the boy reportedly gained around 30,000 dollars and created a ruckus on a live stream, garnering strong reactions from viewers and traders. The incident quickly spread online, leading to a sharp rise in QUANT's market cap to as high as 85 million dollars. Interestingly, this event was not easily forgotten. Popular streamer xQc mentioned the incident multiple times during his live broadcasts, witnessed by hundreds of thousands of viewers each time. xQc’s audience showed strong curiosity and interest, which further directed attention towards the QUANT coin. Clips from xQc's broadcasts went viral on Twitter and YouTube, significantly resonating within the cryptocurrency community. Unlike other meme coins that attracted attention through sexual or extreme behavior, QUANT drew interest through humor and viral effects. This incident exemplifies how investor sentiment in the cryptocurrency market can easily shift, especially in the meme coin market, which is highly emotional and reactive. According to a report by CoinDesk, trading volumes for similar meme coins like Dogecoin and Shiba Inu also surged in the three months following the QUANT incident, reflecting the tendency of cryptocurrency investors to act based on FOMO (Fear of Missing Out). After this incident, the boy created another token named ‘I'm Sorry,’ which achieved a market cap of 4.5 million dollars. He sold it off at approximately 400,000 dollars, earning around 13,000 dollars. He then launched another token called ‘Lucy’ after his dog, reaching a market cap of 3.8 million dollars and selling off 20,300 dollars worth of the supply at around a 700,000-dollar market cap. In conclusion, this event serves as a reminder of the extreme volatility and various risks inherent in the meme coin market. Such incidents highlight the potential dangers within the realm of blockchain technology and serve to alert investors to these risks.