Trader’s $450 Bet on Coq Inu Nets $2 Million

This token was launched on December 8th and has quickly grown in value, reaching a market capitalization of $230 million by Wednesday.

Written By:
Dishita Malvania

Last updated: December 20, 2023 1:03 PM

Published December 20, 2023 1:03 PM

Last updated: December 20, 2023 1:03 PM

Published December 20, 2023 1:03 PM

COQ Inu (COQ), a hen-themed token on the Avalanche blockchain, is gaining attention in the crypto community nowadays, and due to that, a trader made a significant profit from the tokens.

A trader turned $454 into $2.19M in 2 weeks by trading $COQ, a gain of 4827x!

This trader spent 17.26 $AVAX($454) to buy 4.86T $COQ through 7 addresses, then sold 4.61T $COQ for 32,251 $AVAX($1.26M) and 259K $USDC.

Currently holding 250B $COQ($700K), the profit is ~$2.19M. pic.twitter.com/arsaX6Uey8
— Lookonchain (@lookonchain) December 19, 2023

A trader initially invested around $450 in $COQ when it was introduced and has seen that investment grow to over $2.19 million, as reported by Lookonchain.

The trader has sold $COQ tokens amounting to $1.5 million but still holds unrealized gains of approximately $800,000.

The token was launched on December 8, and since then it has quickly grown in value, reaching a market capitalization of $230 million by Wednesday.

The COQ site states, “The token is for entertainment purposes only,” a fact the developers aren’t shying away from: “$COQ is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or roadmap.”