I just saw one of the wildest stories in crypto, have you heard of the Gen Z Quant token? Lol, for a token that was launched less than 48 hours ago it has hit an all time high record of whatever you want to think. Have you heard of a crypto platform called pump.fun, it’s a platform where people can easily create any Solana token, get bonded and let it ride. It’s a very risky platform because this is where people get the opportunity to catch some tokens early, you can get them at $20k market cap or lower, you can be so lucky to get them at $8k market cap. So what lots of people do is, they create a token on pump.fun with the impression that they are not going to rug, create amazing art works to make the token look legit and promising so people will be convinced enough to hold.
The token has to reach $30k market cap to get bonded means, at that price its liquidity will be deposited to raydium and get visible on Dexscreener and other DEX charts, but what most people do is rug it at $30k or close $30k. It’s like an easy peasy lemon squeezy way of making money by rugging people. A kid supposed named Quant who is said to be 13 years old, created a token, and rugged it at $30k while live streaming it. Being a kid and not knowing the consequences for his actions, he was pretty excited and showed the middle finger.
Guess what? The community took over the token and pumped it to $50 Million, the kids $30k that was dumped on the community is worth over $2 Million now just to teach him a lesson not to mess with the community.