Benzinga - In a story that could fuel the fires of every "get rich quick" dream, a savvy trader has turned a meager $454 investment into a staggering $2.19 million in just two weeks.
Their secret weapon? Coq Inu (CRYPTO: COQ), a nascent meme coin on the Avalanche (CRYPTO: AVAX) blockchain.
According to blockchain sleuth Lookonchain, the astute trader (address masked for privacy) initially staked 17.26 Avalanche ($454) across seven addresses, accumulating a sizeable 4.86 trillion COQ tokens.
Their gamble paid off handsomely as they offloaded 4.61 trillion COQ for a princely sum of 32,251 AVAX ($1.26 million) and 259,000 USD Coin (CRYPTO: USDC).
While they've pocketed an impressive $1.74 million in profit, the trader wisely held onto roughly 250 billion COQ, currently valued at ~$700,000.
This savvy move suggests cautious optimism about the meme coin's future potential.
But what is Coq Inu and how does it compare to other meme coin darlings such as Shiba Inu (CRYPTO: SHIB) and Dogecoin (CRYPTO: DOGE)?
Launched earlier this month, Coq Inu boasts a playful rooster mascot and a tongue-in-cheek focus on "chicken tendies and financial freedom."
Unlike Shiba Inu and Dogecoin, COQ operates exclusively on the Avalanche blockchain, a platform praised for its speed and scalability.
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While its market cap currently sits at a modest $230 million, dwarfing Dogecoin's $13 billion and Shiba Inu's $6 billion, Coq Inu's recent price surge of over 900% over the past week demonstrates promising momentum.
Meanwhile, Floki Inu (CRYPTO: FLOKI) and Baby Doge Coin (CRYPTO: BABYDOGE) have been active.
Floki Inu, boasting a connection to Elon Musk's Shiba Inu, was trading down about 12% over the last 2 weeks, while Baby Doge Coin, focused on "hyper-deflationary" features, has climbed 8% in the same period.
Analysts speculate Baby Doge Coin's association with the rapidly growing Avalanche ecosystem could fuel further gains.
However, as with any meme coin, volatility reigns supreme.
Investors should approach Coq Inu with caution, understanding the inherent risks of the highly speculative meme coin market. Even the token's website stated "$COQ is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or roadmap. The coin is completely useless and for entertainment purposes only."
Read Next: Shiba Inu Makes History: First Decentralized Ecosystem With Plans To Secure .shib Top-Level Domain, Revolutionizing Web3
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