According to Lookonchain, a trader spent 17.26 AVAX worth of $454 to buy 4.86 billion COQ (Coq Inu) through 7 addresses. This memecoin then saw a sharp increase in price and the (s)he sold all COQ to get 32,251 AVAX ($1.26 million) and 259,000 USDC.
This person is now holding 250 billion COQ ($700,000). With this holding and the number of COQ tokens sold, the trader gained a total of $2.19 million in profit, 4,823 times higher than the initial investment.
The memecoin craze has begun to explode in ecosystems like Solan and Avalanche. Many memecoins in Solana have rallied significantly such as dogwifhat (WIF) and bonk (BONK). BONK was even listed on major exchanges like Binance. Another hen-themed token named Coq Inu (COQ) has received the most attention on Avalanche with its price increasing many times in recent days.
Previously in July, a trader also made a large profit from investing in a memecoin. This trader achieved success after 52 failed attempts to hunt for this memecoin. Of course, investing in memecoins can sometimes give traders a large profit but is also extremely risky. Before deciding to invest in any memecoin, you must research carefully and accept its extremely high level of risk.