Summary
A teenage boy created and released three memecoins, earning over $50,000 by selling his holdings before the price crashed (“soft rug pull”).
The backlash was swift, with the boy and his family doxed and facing threats from angry traders.
While the legality of such actions is unclear, the incident highlights the risks and ethical dilemmas in the unregulated memecoin market.
They’re just hoping they’ll be the ones to rug pull others. For the ones believing in the long-term prospects, they assume bitcoin will always continue going up (even with some dips along the way) and that stablecoins will cover the other use cases.