A cryptocurrency trader has managed to turn just $454 into a $2.19 million fortune by trading the Avalanche-based meme-inspired cryptocurrency Coq Inu ($COQ), a hen-themed token that has seen its price surge over 170% in a week.
According to blockchain analysis service Lookonchain, the trader managed to make his 4827x gains in just two weeks by trading the cryptocurrency after spending 17.26 $AVAX tokens, worth $454 at the time, to buy 4.86 trillion COQ tokens through a total of seven addresses.
The trader then sold 4.61 trillion COQ for 32,251 $AVAX and $259,000 to realize some of their gains, while keeping 250 billion COQ tokens worth over $700,000 in their wallet, presumably as they expected the price of the hen-themed token to keep on rising.
A trader turned $454 into $2.19M in 2 weeks by trading $COQ, a gain of 4827x!
— Lookonchain (@lookonchain) December 19, 2023
This trader spent 17.26 $AVAX($454) to buy 4.86T $COQ through 7 addresses, then sold 4.61T $COQ for 32,251 $AVAX($1.26M) and 259K $USDC.
Currently holding 250B $COQ($700K), the profit is ~$2.19M. pic.twitter.com/arsaX6Uey8
The trader’s success comes at a time in which Solana-based memecoins have been soaring, with $BONK seeing its price rise to the point that Solana’s Saga smartphone, once facing sluggish sales, recently sell out over a lucrative 30 billion token airdrop for phone owners.
The airdrop, at its peak, saw $BONK’s price top that of the smartphone, making it profitable to buy the phone just for the tokens. As CryptoGlobe reported, a trader has managed to make a profit of around $784,000 on the token after it was recently listed on major cryptocurrency exchange Binance and Coinbase.
Earlier this year, $BONK moved to burn a total of 5 trillion tokens that were allocated to them at a time in which the digital asset’s price was dropping after moving up significantly after launch.
Featured image via Pixabay.
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