Crypto Trader Sees Unbelievable 4,827x Gains in Just Two Weeks Trading New Avalanche-Based Memecoin: On-Chain Data Unveils Astonishing Results
An unidentified crypto trader is currently experiencing mind-boggling profits after holding onto a recently-launched meme token for a mere couple of weeks. On-chain data tracker Lookonchain has revealed that this trader spent less than $500 to acquire a significant amount of Coq Inu (COQ), a memecoin running on the Avalanche (AVAX) network.
According to Lookonchain, the trader utilized the Avalanche-based decentralized exchange (DEX) Trader Joe to exchange his AVAX holdings for trillions of COQ on December 7th. At that time, COQ was valued around $0.0000000925 per token.
Exploiting the memecoin’s parabolic rally, the trader subsequently traded a major portion of his COQ stack for AVAX and stablecoin USDC, amassing millions of dollars in crypto assets. Reportedly, this trader turned a meager $454 investment into an astounding $2.19 million in just two weeks, representing a monumental gain of 4,827x!
To break it down further, the trader used 17.26 AVAX ($454) to purchase 4.86 trillion COQ across seven different addresses. He then sold 4.61 trillion COQ for 32,251 AVAX ($1.26 million) and 259,000 USDC. At present, the trader is holding on to 250 billion COQ ($700,000), which brings his overall profit to approximately $2.19 million.
At the time of this report, COQ is being traded at $0.00000376, having soared nearly 4,000% compared to the initial purchase price by the trader.
In addition to this remarkable trading success, Lookonchain also spotted another trader who made a fortune by patiently holding onto Wrapped Bitcoin (WBTC) for over six months.
The data revealed that this trader sold WBTC after waiting for eight months and scored substantial profits. In April, the trader invested 8.67 million USDC to buy 289 WBTC at $29,967. On December 18th, the trader sold 230 WBTC, amounting to $9.44 million at a price of $41,041. Currently, the trader holds 59 WBTC ($2.43 million) and has amassed a profit of roughly $3.2 million.
Wrapped Bitcoin is a representation of Bitcoin (BTC) on Ethereum (ETH) and is fully backed by Bitcoin at a 1:1 ratio. As of now, WBTC is being traded for $42,369.
These extraordinary trading successes remind us that making money often requires patience and strategic decision-making. These traders have undoubtedly unlocked massive returns by understanding the market trends and capturing profitable opportunities.
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