A 13 year old streamer has reportedly made $30,000 after creating a crypto ‘meme coin’.
While most young teens might be hanging out with friends or scrolling social media, one young man decided there was a better use of his time.
The unnamed teenager created his own cryptocurrency, a token that he named $QUANT.
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The kid then went on live stream and inadvertently went viral for his antics.
While on the stream, the teen performed what is known as a ‘rug pull’ in the crypto community.
Basically, he started pumping money into the coin to make it artificially go up in value, attracting other investors to put money into it.
Then the teen withdrew all of his money, taking the investors’ assets with him.
Unbelievably, the 13 year old reportedly managed to make $30,000 from his ploy.
During his stream, the boy himself didn’t seem to believe it, saying: “No way, holy f***, holy f***.”
In the comment section, one person said: “MAKE UR BAG BRO SELL SELL SELL.”
Another said: “SELL LITTLE BRO.”
The crypto community decided to teach the teenager a lesson by pouring money into the coin after he’d already removed his investments.
It sent the price of the crypto skyrocketing, causing it to be worth a lot more.
In fact, if the teen had withdrawn then instead, his $30,000 would have been worth a whopping $4 million.
Other meme coins that have been made as a joke have gone on to be worth millions of dollars.
The dogecoin is a prime example of this - a crypto that initially went viral in 2010 and features a design of a famous Shiba Inu dog.
The token went on to become a popular meme cryptocurrency.
It’s been making the headlines recently following Donald Trump’s election win.
The president-elect announced that billionaire Elon Musk would be heading up the Department of Government Efficiency, DOGE for short.
Despite its name, the department isn’t actually part of the Trump administration and instead will offer ‘advice and guidance’ from the outside.
Along with conservative activist Vivek Ramaswamy, Musk has promised a complete overhaul and Trump has revealed that the department will help to ‘dismantle Government Bureaucracy’.
But due to DOGE’s connotations with Dogecoin, the cryptocurrency has surged in value beyond 106%.
Musk appears to strongly believe in the viability of Dogecoin as part of the US economy, arguing: “I think the flat inflation of Dogecoin, which means decreasing percentage inflation, is a feature, not a bug.”
That might mean that the nearly 15-year-old meme isn’t going anywhere anytime soon.