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.
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.
