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News - Memecoin trader becomes millionaire in two weeks with $450
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21-12-20231 min read
Memecoin trader becomes millionaire in two weeks with $450
Avalanche (AVAX)
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A trader makes a profit of 4,287x in two weeks with a new memecoin on Avalanche. And become a millionaire with $450.
A new memecoin is making the rounds - and making investors rich. At least one: This trader turned $450 into a profit of more than $2 million. The memecoin is a newcomer to the Avalanche blockchain, the Coq Inu token. This reports Coindesk.
The token was launched on Dec. 8, 2023, meaning the trader made a 4,287-fold profit in two weeks.
A trader turned $454 into $2.19M in 2 weeks by trading $COQ, a gain of 4827x!
— Lookonchain (@lookonchain) December 19, 2023
This trader spent 17.26 $AVAX($454) to buy 4.86T $COQ through 7 addresses, then sold 4.61T $COQ for 32,251 $AVAX($1.26M) and 259K $USDC.
Currently holding 250B $COQ($700K), the profit is ~$2.19M. pic.twitter.com/arsaX6Uey8
So far, he has made about $1.5 million in profit.
The Coq Inu team points out that memecoin is only "for entertainment purposes." It has no use and no roadmap.
The price of Avalanche has been rising for weeks, by nearly 90 percent in the past 30 days alone.
Memecoins are considered an extremely risky investment. Some skyrocket, but most collapse at some point. The majority can probably be categorized as scams.
