AI Summary
- A 13-year-old boy created a token on Pumpfun, a Solana-based token creation app, before “rugging” it and running off with $30k.
- During the stream, the token creator did what happens to a majority of Solana meme coins.
- After selling his shares of the token and causing the price to plummet, the token became community-owned (CTO), and its market cap soared from $100K to $70 million at its peak.
- At the token’s peak market cap of $75 million, the teenager’s 51 million holdings would have been worth over $4 million.
A 13-year-old boy created a token on Pumpfun, a Solana-based token creation app, before “rugging” it and running off with $30k.
The token, Gen Z Quant $QUANT, gained attention on Crypto Twitter during the boy’s live stream on Pumpfun. During the stream, the token creator did what happens to a majority of Solana meme coins.
After selling his shares of the token and causing the price to plummet, the token became community-owned (CTO), and its market cap soared from $100K to $70 million at its peak.
Young trader rugs traders for $30k…
The majority of Pumpfun tokens barely make it to bonding whereby they are then tradable on Raydium, Solana’s leading decentralized exchange. But one thing is for certain, communities are known for making a coin ‘pump’ to spite the dev.
After the teenager sold approximately 51 million $QUANT tokens for what was then $30k, a small community rallied behind the now-abandoned token and used the power of crypto Twitter to send the chart to ridiculous heights.
At the token’s peak market cap of $75 million, the teenager’s 51 million holdings would have been worth over $4 million.
The boy returned to Pumpfun hours later and created two new tokens, $SORRY and $LUCY, in an attempt to regain trust and make a few extra bucks.
Unlike $QUANT, $SORRY and $LUCY underperformed, with market caps below $500K on Solana. Still, he earned an extra 103 SOL, valued at $24K.
Crypto Twitter takes it too far
To make matters worse, the Solana meme coin community on Crypto Twitter took offense, doxxing the boy’s family and turning their information into tradable assets on the blockchain.
This has not been the first time that a dev going rouge has caused a meme coin to go parabolic. The event is so common that a coin being CTO’d or the developer selling is oftentimes seen as bullish.
Who knows what could have happened if the teenager refused to sell? Maybe this would have been a different story.
A Solana Story: Pumpfun team comes out on top
Pumpfun, Solana’s most profitable app, has revolutionized the creation and launch of meme coins on the network. According to Lookonchain, in September 2024, the Pumpfun fees account sold 10,300 Solana tokens, totaling $1.38 million.
In total over the course of Pumpfun’s lifetime, the team has sold over 300,000 Solana tokens, profiting over $204 million in fees from users creating meme coins and interacting with the Solana application.
