A cautionary tale about the dangers of FOMO (Fear of Missing Out) has emerged, as one trader lost a staggering $166.2K in just two days by chasing hype around memecoins.
The trouble began yesterday when the trader FOMO-bought $QUANT, only to see its price drop shortly after. Frustrated by the loss, he sold his $QUANT holdings today to jump into the trending $LETHIMCOOK token, which also plummeted right after his purchase. This ill-timed trading resulted in losses of $83.9K on $QUANT and $81.3K on $LETHIMCOOK.
The Rug-Pull Story Behind $QUANT
Adding to the drama, $QUANT itself has a controversial backstory. Created by a Gen Z streamer known as “Kid Brother” during a live stream, the meme coin initially sold for 128 SOL (approximately $30K).
However, things took a turn when “Kid Brother” dumped his holdings shortly after launch, causing a massive price crash. In a brazen move, he mocked the traders who had bought in, flipping a middle finger at the camera.
Gen Z kid "Kid Brother" created a $QUANT meme coin while live-streaming and sold it for 128 $SOL ($30K USD) which later turned into $4M USD
He then dumped all his tokens, rug-pulling the traders who had bought the token minutes before and then flipped a middle finger
Bro…🙃 pic.twitter.com/SSIJT16N0H
— dobrodiy.nft ☻ (@dobrodiy1337) November 20, 2024
Despite this, the tale of $QUANT took an unexpected twist. Following the rug-pull, its value skyrocketed, and it’s now worth an astounding $1.28M. This bizarre turn of events has made $QUANT a symbol of both the volatility and unpredictability of memecoin trading.
A Gen Z trader initiated a token named $QUANT. He then executing a rug pull, scamming investors out of $30,000.
The value of his initial stake in the token? Now exceeding $1,280,000.
From Reselling Sneakers to Crypto 🚀 pic.twitter.com/TzkGSk3i5Z— Silky (@SilkyFN) November 20, 2024
Lessons for Traders
The trader’s losses and $QUANT’s rollercoaster history highlight the risks of emotional, FOMO-driven decisions in the crypto market. While platforms like BingX offer opportunities for early trading and low fees, the unpredictability of memecoins means careful research and risk management are essential to avoid similar pitfalls.
Remember: don’t let hype dictate your strategy—it’s a recipe for disaster in the volatile world of memecoins.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: angrysun/123RF // Image Effects by Colorcinch
