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Home»ALTCOIN NEWS»Crypto Trader Earns 4,827x Profits in 2 Weeks with New Avalanche-Based Memecoin Trading: On-Chain Data
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Crypto Trader Earns 4,827x Profits in 2 Weeks with New Avalanche-Based Memecoin Trading: On-Chain Data

By Crypto FlexsDecember 21, 20233 Mins Read
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Crypto Trader Earns 4,827x Profits in 2 Weeks with New Avalanche-Based Memecoin Trading: On-Chain Data
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An unknown cryptocurrency trader is making astronomical profits after holding onto a new meme token for just a few weeks.

According to on-chain data tracker Lookonchain, traders 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 Avalanche-based decentralized exchange (DEX) Trader Joe’s on December 7 to exchange its AVAX assets for trillions of dollars of COQ. At the time, COQ was trading at approximately $0.0000000925.

The trader then traded most of his COQ stack for AVAX and the stablecoin USDC, while the meme token was on a parabolic rally, bagging millions of dollars worth of the cryptocurrency in the process.

“One trader traded COQ and turned $454 into $2.19 million in two weeks. That’s a 4,827x profit!

The trader bought 4.86 trillion COQ across 7 addresses using 17.26 AVAX ($454) and then sold 4.61 trillion COQ for 32,251 AVAX ($1.26 million) and 259,000 USDC.

We currently have 250 billion COQ ($700,000) and revenue of ~$2.19 million.”

source: LookOnChain/X

As of this writing, COQ is trading at $0.00000376, up nearly 4,000% from when traders purchased the coin.

Lookonchain also discovered another trader making millions by holding Wrapped Bitcoin (WBTC) for over 6 months.

“Making money often requires patience.

A trader waited 8 months and then sold WBTC to take a profit.

The trader used 8.67 million USDC to buy 289 WBTC for $29,967 on April 1 and then sold 230 WBTC ($9.44 million) for $41,041 (December 18).

And we currently have 59 WBTCs ($2.43 million) with ~$3.2 million in revenue.”

video
source: LookOnChain/X

Wrapped Bitcoin represents Bitcoin (BTC) on Ethereum (ETH) and is backed 1:1 by Bitcoin. As of this writing, WBTC is trading at $42,369.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

Image created by: Midjourney

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