Teen Developer Rugs Meme Coin and Misses Millions

Teen Developer Rugs Meme Coin and Misses Millions

A teenage developer behind a Pump.fun Solana meme coin, GenZ Quant (QUANT), rug-pulled investors, dumping $30,000 worth of tokens as the coin hit a $1 million market cap. Livestreaming his antics, he flipped off viewers and celebrated his profits, sparking outrage across Crypto Twitter.

Within hours, a viral community "revenge pump" pushed QUANT to an $85 million market cap, where the developer’s original holdings would have been worth over $4 million. The incident gained mainstream attention, even drawing reactions from popular Twitch streamer xQc.

Investors turned the debacle into a meme-fueled rally, with the young developer creating new meme coins that also gained traction and se sold each one for an early profit (real quant). Interestingly, a meme coin traded that picked up the trend, netted $988K with only 2 $SOL ($462) in just 3 hours trading QUANT.

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Bitcoin Breaks $97K Amid “Trump Trade” Momentum

Bitcoin just surged above $97,000, less than 3% shy of the landmark $100,000 mark, buoyed by bullish momentum from the US elections and pro-crypto Federal Reserve policies. Dubbed the “Trump trade,” the rally has added 30% in just two weeks, pushing Bitcoin’s market cap near $2 trillion. Institutions have joined the frenzy, with BlackRock’s IBIT options trading $2 billion on launch day.

Analysts predict Bitcoin’s growing market infrastructure will reduce volatility and attract diverse investor profiles. Meanwhile, speculation around pro-crypto leadership appointments in Trump’s administration has fueled optimism even more. With major banks issuing price targets as high as $200,000, Bitcoin’s role as a mainstream financial asset continues to grow bigger by the day.

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Trump Eyes Crypto-Specific White House Role

President-elect Donald Trump is reportedly considering creating a crypto-focused role within the White House. The position, potentially reporting directly to Trump, would mediate between Congress, the SEC, and the CFTC to advance a pro-crypto agenda. Industry leaders, including Coinbase CEO Brian Armstrong, have already met with Trump’s team.

Trump’s proposed crypto czar role highlights his campaign promise to make the US a global hub for digital assets. With figures like CFTC Commissioner Summer Mersinger and Cantor Fitzgerald CEO Howard Lutnick being considered for regulatory roles, the administration’s policies are expected to finally advance crypto after years of regulatory scrutiny.

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Barry Silbert Bets Big on Decentralized AI and Bittensor

Barry Silbert’s Digital Currency Group (DCG) launched Yuma, a company dedicated to developing startups within the decentralized AI ecosystem Bittensor (TAO). Silbert, now Yuma’s CEO, compared Bittensor’s transformative potential to Bitcoin, emphasizing its ability to decentralize AI by rewarding contributors with its native $TAO token.

Yuma supports the creation of Bittensor subnets, with five live and nine more in development, covering applications like AI research, bot detection, and sports predictions. The project establishes Bittensor as a trailblazing blockchain and AI platform, expressing Silbert's long-held conviction that decentralized AI can serve as a counterbalance to centralized tech giants.

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Data of the Day

The leading Solana wallet, Phantom, rose to second place in the US Apple App Store utilities category, overtaking apps like Google Chrome and Microsoft Edge. This coincides with Solana DApps generating record fees, including $11.3 million from Raydium and $9.87 million from liquid staking protocol Jito.

Despite a recent iOS bug that locked some users out, Phantom’s popularity reflects the growing demand for accessible Web3 tools. With fraud detection, multi-chain compatibility, and strong ties with Solana projects, Phantom continues to lead in crypto wallet adoption as Web3 inches closer to mainstream use.

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More Breaking News

• Coinbase Wallet now offers 4.7% APY on USDC stablecoin holdings globally, paid monthly, exclusively on the Base Layer 2 network.
• Former FTX CTO Gary Wang avoids prison time due to vital cooperation in Sam Bankman-Fried's trial, earning judicial credit for assistance.
• The SEC delayed its decision on the Franklin Templeton Crypto Index ETF, extending the review period deadline to January 2025 for further consideration.
• Arkham Intel plans to launch a US spot trading platform with jurisdiction-based user eligibility restrictions, following its recent derivatives exchange rollout.
• MicroStrategy increases its convertible note sale to $2.6 billion to buy more Bitcoin, signaling bullish sentiment amid ongoing price momentum.
• South Korea's government plans to implement a 20% crypto tax in 2025, raising the exemption limit to $35,919, addressing investor concerns.
• Russia proposes restrictions on crypto mining in 13 regions, including Siberia, aiming to address power supply challenges during peak seasons.

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