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The skyrocketing Coq Inu price has made one lucky investor a millionaire after his $454 punt on the new COQ token earned $2 million, Lookonchain said.
The token, which is up 32% today and almost 1,000% in a week, was launched on Dec. 8 and already has a market cap of $259 million.
The lucky trader, who remains anonymous, started buying COQ shortly after its launch, and added more tokens over subsequent days via multiple addresses to eventually amass a total of 883.67 billion COQ.
A trader turned $454 into $2.19M in 2 weeks by trading $COQ, a 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
The investor has sold about $1.5 million of the tokens and still holds some $700,000, Lookonchain data shows.
The ”About” information provided by CoinMarketCap says COQ is the number one meme coin on AVAX and was ”founded by well respected members of the community” who took no distribution and “put the entire supply of the coin with 150 avax in initial liquidity.“
It adds that the contract has been fully renounced and liquidity burned.
Coq Inu Developers Say Token Is For Entertainment Only
The Coq Inu developers don’t pretend that the token has any utility.
“$COQ is a meme coin with no intrinsic value or expectation of financial return,” they say on its website. “There is no formal team or roadmap. The coin is completely useless and for entertainment purposes only.”
COQ chart. Source GeckoTerminal.com
They also say Coq Inu is “the meme coin of the chad chain” and that it was born of ”collective frenship, deeply rooted in memetics and humor.”
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