A cryptocurrency trader turned $454 into a $2.19 million fortune by trading Coq Inu ($COQ), a meme-inspired cryptocurrency based on Avalanche. In just a week, the price surged over 170%.
Blockchain analysis service Lookonchain reveals that the trader achieved an astonishing 4827x gains in a mere two weeks. They initially spent 17.26 AVAX tokens, equivalent to $454, to acquire 4.86 trillion COQ tokens across seven different addresses.
Following their impressive gains, the trader decided to cash out a portion of their profits. They sold 4.61 trillion COQ tokens and received 32,251 AVAX and $259,000 in return. Despite this, they still hold onto 250 billion COQ tokens in their wallet, valued at over $700,000, suggesting their anticipation for further price appreciation of this hen-themed token.
The trader's remarkable success coincides with the soaring popularity of Solana-based memecoins. In particular, BONK's price has skyrocketed, causing a surge in demand. As a result, Solana's Saga smartphone, which initially faced sluggish sales, recently sold out after offering a lucrative 30 billion token airdrop exclusively for phone owners.
During the airdrop's peak, the price of BONK surpassed that of the smartphone, creating a profitable opportunity for individuals to purchase the Saga phone solely for the tokens it offered. According to CryptoGlobe, a trader has capitalized on the recent listing of the token on major cryptocurrency exchanges Binance and Coinbase. They were able to generate a profit of approximately $784,000 through their successful trading activities.
In an attempt to stabilize the value of the digital asset, BONK conducted a token burn earlier this year. They eliminated a total of 5 trillion allocated tokens, which occurred during a period when the price of the cryptocurrency experienced a decline following its initial surge.
Analyst Kaleo predicts a surge for Theta Network, TraderJoe, and BNB/BTC based on market analysis. While his projections offer potential gains, investors should approach with caution and conduct thorough research.
BerniceAVAX experiences a notable surge of 9% following the announcement of its collaboration with Chainlink and ANZ Group. This partnership aims to enhance the interoperability and settlement efficiency of tokenized assets across Avalanche and Ethereum blockchains. ANZ's utilization of Avalanche's Evergreen Subnet further underscores the exploration of innovative blockchain solutions by traditional financial institutions. Despite AVAX's impressive performance, potential resistance around $60 suggests a period of consolidation may follow, emphasizing a cautious outlook amid its upward momentum.
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