Altcoin
Crypto Trader Turns 2 SOL To $1M With QUANT Amid Rug-Pull Claims
A crypto trader took the broader market by storm on Wednesday, turning a mere 2 SOL to a staggering $1 million trading QUANT. Latest on-chain data flagged that a trader made a massive 2,141x return by investing in the mentioned token, which is also the recent hot buzz of the market. The token, launched by a kid via Pumpfun, currently remains shrouded in controversy amid its rug-pull saga.
Crypto Trader Makes 2,141x Return Using This Token
As per data from the tracker Lookonchain dated November 20, a crypto trader made $988K with only 2 Solana tokens in 3 hours. Notably, the trader made a 2,141x return on his investment trading the Pumpfun-launched coin mentioned above.
According to the data, a trader spent 2 SOL to buy 18.89 million QUANT and sold 3.71 million of the same token for 116 SOL. This selloff has aided the trader in making $27K. Simultaneously, with the existing holdings totaling $962K, the remarkable profit-booking strategy has garnered significant attention across the market.
Besides, with the QUANT token submerged in controversy, market watchers continue to speculate whether the abovementioned investor is an insider or smart money. Solscan’s data pointed out that the profit-booking address was recorded as BsUTWpRfVc13Gfmi.
What’s The Controversy Behind QUANT?
The QUANT token controversy has further emerged as the market’s talk of the town, underscoring the crypto realm’s dynamic nature. Notably, this token was initially launched by a kid via the Pumpfun coin launch platform. However, the kid soon sold all of it for 128 SOL, worth $30K, making a profit of $29.6K.
Nevertheless, this rug-pull scenario conversely urged a bullish impact on the token, primarily attributable to the “community taking over” the project. Subsequently, the $30K worth of coins sold by the kid is now evaluated as worth $4 million as the project garners support from the broader community.
Altogether, this saga, showcasing a crypto trader’s remarkable profit despite the coin being rug-pull, has sparked significant market discussions over the industry’s unpredictable nature. Intriguingly, CoinGape Media reported previously that a plethora of crypto whales nabbed similar profits amid the current bullish market. A meme coin trader reportedly made a profit worth $3 million trading ELIZA, another coin soaked in controversy.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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