An Unknown Crypto Trader Makes Massive Gains Trading Memecoin on Avalanche Network
An unidentified crypto trader has achieved incredible profits by holding a new meme token for just a couple of weeks. According to on-chain data tracker Lookonchain, the trader acquired a significant amount of Coq Inu (COQ) for less than $500. This memecoin operates on the Avalanche (AVAX) network.
The trader used the decentralized exchange (DEX) Trader Joe, which is based on Avalanche, to swap their AVAX holdings for trillions of COQ on December 7th. At that time, COQ was valued at around $0.0000000925.
During a parabolic rally of the meme token, the trader traded most of their COQ for AVAX and stablecoin USDC, resulting in millions of dollars’ worth of cryptocurrency.
Huge Profits and Impressive Returns
The trader’s gains were staggering, with their initial investment of $454 turning into $2.19 million in just two weeks. They purchased 4.86 trillion COQ across seven addresses and subsequently sold 4.61 trillion COQ for 32,251 AVAX ($1.26 million) and 259,000 USDC.
Currently, the trader holds 250 billion COQ ($700,000), bringing their total profit to approximately $2.19 million.
Another Trader’s Patient Strategy Pays Off
Lookonchain also observed another trader who made millions by holding Wrapped Bitcoin (WBTC) for over six months. This trader spent 8.67 million USDC to buy 289 WBTC at $29,967 on April 1st and sold 230 WBTC ($9.44 million) at $41,041 on December 18th.
They currently hold 59 WBTC ($2.43 million), resulting in a profit of approximately $3.2 million.
Hot Take: Making Fortunes with Memecoins and Patience
The crypto market continues to produce incredible success stories, with traders seeing massive gains in short periods. The anonymous trader who profited from COQ and the patient WBTC holder demonstrate the potential for significant profits in the crypto space.
While these examples are exceptional cases, they highlight the opportunities available to crypto traders who carefully navigate the market and seize the right moments to buy and sell their assets.
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