An unknown crypto trader is making astronomical gains after holding a new meme token for just a few weeks.
On-chain data tracker Lookonchain says the trader spent less than $500 to acquire a stack of Coq Inu (COQ), a memecoin running on the Avalanche (AVAX) network.
According to Lookonchain, the entity in question used the Avalanche-based decentralized exchange (DEX) Trader Joe to exchange its AVAX treasure for trillions of COQ on December 7. At the time, COQ was trading around $0.0000000925.
The trader then traded most of his COQ stack for AVAX and stablecoin USDC as the meme token was in the midst of a parabolic rally, scooping up millions of dollars worth of crypto.
“A trader turned $454 into $2.19 million in two weeks by trading COQ, a profit of 4,827x!
This trader spent 17.26 AVAX ($454) to buy 4.86 trillion COQ through seven addresses, then sold 4.61 trillion COQ for 32,251 AVAX ($1.26 million) and 259,000 USDC.
At currently 250 billion COQ ($700,000), the profit is ~$2.19 million.”
At the time of writing, COQ is trading at $0.00000376, up nearly 4,000% from when the trader purchased its coins.
Lookonchain also saw another trader make millions of dollars by holding Wrapped Bitcoin (WBTC) for more than six months.
“Earning money often requires patience.
A trader sold WBTC to make a profit after waiting eight months.
The trader spent 8.67 million USDC on April 1 to buy 289 WBTC for $29,967, then sold 230 WBTC ($9.44 million) for $41,041. [on December 18th].
And currently has 59 WBTC ($2.43 million), with a profit of ~$3.2 million.”
Wrapped Bitcoin represents Bitcoin (BTC) on Ethereum (ETH) and is backed 1:1 with Bitcoin. At the time of writing, WBTC is trading at $42,369.
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Generated image: Midjourney