An unknown crypto trader is seeing astronomical gains after holding a new meme token for just a couple of weeks.
On-chain data tracker Lookonchain says that the trader spent less than $500 to acquire a stack of Coq Inu (COQ), a memecoin running on the Avalanche (AVAX) network.
According to Lookonchain, the entity in question used the Avalanche-based decentralized exchange (DEX) Trader Joe to swap his AVAX trove for trillions of COQ on December 7th. At the time, COQ was trading at around $0.0000000925.
The trader subsequently traded most of his COQ stack for AVAX and stablecoin USDC while the meme token was in the midst of a parabolic rally – bagging millions of dollars worth of crypto in the process.
“A trader turned $454 into $2.19 million in two weeks by trading COQ, a gain of 4,827x!
This trader spent 17.26 AVAX ($454) to buy 4.86 trillion COQ through seven addresses, then sold 4.61 trillion COQ for 32,251 AVAX ($1.26 million) and 259,000 USDC.
Currently holding 250 billion COQ ($700,000), the profit is ~$2.19 million.”
At time of writing, COQ is trading for $0.00000376, up nearly 4,000% from when the trader bought his coins.
Lookonchain also spotted another trader making millions of dollars by holding Wrapped Bitcoin (WBTC) for more than six months.
“Making money often requires patience.
A trader sold WBTC to make profits after waiting for eight months.
The trader spent 8.67 million USDC to buy 289 WBTC at $29,967 on Apr 1st, then sold 230 WBTC ($9.44 million) at $41,041 [on December 18th].
And currently holds 59 WBTC ($2.43 million), with a profit of ~$3.2 million.”
Wrapped Bitcoin represents Bitcoin (BTC) on Ethereum (ETH) and is backed 1:1 with Bitcoin. At time of writing, WBTC is trading for $42,369.
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