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.”
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.”
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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