Just recently, a rather lucky cryptocurrency enthusiast made an eye-popping profit from a newly launched memecoin. Using less than $500, this individual managed to rake in gains that are hard to fathom.
This savvy trader discovered Coq Inu (COQ), a fresh memecoin that operates on the Avalanche (AVAX) network. Using the Avalanche-based decentralized exchange, Trader Joe, they cleverly swapped their AVAX for a whopping 4.86 trillion COQ on December 7th. The memecoin’s value at that time was a mere $0.0000000925.
What happened next is nothing short of a trading masterstroke. The trader sold most of their COQ holdings during a skyrocketing rally of the memecoin, converting it into AVAX and the stablecoin USDC. This move alone transformed their modest investment into millions of dollars in crypto assets.
To put numbers into perspective: $454 turned into a staggering $2.19 million in just two weeks, an increase of 4,827 times the original investment! As of now, the trader still holds about 250 billion COQ, valued at approximately $700,000, totaling their profits to around $2.19 million.
Source: Lookonchain/X
And it’s not just COQ that’s making waves. Another trader demonstrated that patience can be just as profitable. This individual held onto Wrapped Bitcoin (WBTC) for over half a year, eventually cashing in for a cool profit. After buying 289 WBTC for $8.67 million, they waited eight months before selling 230 of those for $9.44 million, realizing a profit of around $3.2 million.
Source: Lookonchain/X
WBTC, for those who might not know, is a token that represents Bitcoin on the Ethereum network, and it’s backed on a 1:1 basis with Bitcoin. As we speak, the trading price for WBTC is hovering around $42,369.
These stories are a testament to the dynamic and sometimes unpredictable nature of the cryptocurrency market, where fortunes can be made (and lost) in the blink of an eye.
