Trader bet on Avalanche meme coin, $450 turned into $2.5 million | CoinDesk JAPAN

The multiple returns on Solana-based meme coins have clearly led traders to look for smaller coins on other networks. If you’re lucky, some people can turn their small initial funds into a life-changing amount.

And while dog-themed tokens have brought huge profits to meme coin traders so far, Avalanche’s Coq Inu (COQ), a chicken-themed token, is leading the blockchain conversation. are doing. According to the data, the token was issued on December 8th, and as of December 20th, the market capitalization has skyrocketed to $230 million (approximately 33.3 billion yen, exchange rate of 1 dollar = 145 yen), and the initial It brought huge profits to the buyers.

The token is for “entertainment purposes only” and the developers do not deny this fact. “COQ is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or roadmap,” the site says. “This coin is completely useless and is only for entertainment purposes.”

According to on-chain data cited by Lookonchain, one trader acquired just over $450 (approximately JPY 65,000) of COQ immediately after issuance, and the amount has since increased to $2.5 million (approximately JPY 362.5 million). It has expanded even more. This wallet has sold more than $1.5 million (approximately 217.5 million yen) of COQ and appears to have unrealized gains of more than $800,000 (approximately 116 million yen).

A trader turned $454 into $2.19M in 2 weeks by trading $COQa gain of 4827x!

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

— Lookonchain (@lookonchain) December 19, 2023

Meme coins derive their appeal from the virality of existing popular memes and the attention their communities generate online. Most of these tokens fail, but some have the potential to become billion-dollar projects, after which developers introduce more basic utilities to support further growth. there is a possibility.

Anyone can call a smart contract and issue tokens for a few cents on a blockchain such as Ethereum. Additionally, the existence of decentralized exchanges (DEXs) means that tokens can be issued instantly, provided with liquidity, and traded immediately.

COQ has been a shining star for the Avalanche in recent weeks. According to the data, the number of unique holders of the token exceeded 30,000 as of December 19th, and the trading volume in the past 24 hours reached $30 million (approximately 4.35 billion yen).

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Coq Inu
｜Original text: Trader Turns $450 into $2M Betting on Avalanche Meme Coin Coq Inu