Crypto Trader Prints 4,827x Gains in Two Weeks Trading New Avalanche-Based Memecoin: On-Chain Data

An unknown crypto dealer is seeing astronomical features after holding a brand new meme token for simply a few weeks.

On-chain information tracker Lookonchain says that the dealer spent lower than $500 to accumulate a stack of Coq Inu (COQ), a memecoin operating on the Avalanche (AVAX) community.

In line with Lookonchain, the entity in query used the Avalanche-based decentralized trade (DEX) Trader Joe to swap his AVAX trove for trillions of COQ on December seventh. On the time, COQ was buying and selling at round $0.0000000925.

The dealer subsequently traded most of his COQ stack for AVAX and stablecoin USDC whereas the meme token was in the midst of a parabolic rally – bagging tens of millions of {dollars} price of crypto in the method.

“A dealer turned $454 into $2.19 million in two weeks by buying and selling COQ, a achieve of 4,827x!

This dealer spent 17.26 AVAX ($454) to purchase 4.86 trillion COQ by means of seven addresses, then bought 4.61 trillion COQ for 32,251 AVAX ($1.26 million) and 259,000 USDC.

Presently holding 250 billion COQ ($700,000), the revenue is ~$2.19 million.” 

Supply: Lookonchain/X

At time of writing, COQ is buying and selling for $0.00000376, up practically 4,000% from when the dealer purchased his cash.

Lookonchain additionally noticed one other dealer making tens of millions of {dollars} by holding Wrapped Bitcoin (WBTC) for greater than six months.

“Creating wealth usually requires persistence.

A dealer bought WBTC to make earnings after ready for eight months.

The dealer spent 8.67 million USDC to purchase 289 WBTC at $29,967 on Apr 1st, then bought 230 WBTC ($9.44 million) at $41,041 [on December 18th].

And presently holds 59 WBTC ($2.43 million), with a revenue of ~$3.2 million.” 

Supply: Lookonchain/X

Wrapped Bitcoin represents Bitcoin (BTC) on Ethereum (ETH) and is backed 1:1 with Bitcoin. At time of writing, WBTC is buying and selling for $42,369.

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