COQ Acquisition Turns Into Millions
On-chain data tracker Lookonchain has identified an impressive trading feat where a trader turned a mere $500 investment into a staggering $2.19 million within a two-week span. The trader achieved this success by acquiring a substantial stack of Coq Inu (COQ), a memecoin that operates on the Avalanche (AVAX) network.
Lookonchain reports that the trader utilized Trader Joe, a decentralized exchange (DEX) based on Avalanche, to convert their AVAX holdings into trillions of COQ on December 7th. The conversion took place when COQ was priced at approximately $0.0000000925.
During a parabolic rally of the meme token, the trader capitalized on the opportunity and traded the majority of their COQ stack for AVAX and the stablecoin USDC. This move resulted in the accumulation of millions of dollars’ worth of cryptocurrencies.
Another Trader’s Lucrative WBTC Investment
Lookonchain also uncovered another profitable trading venture involving Wrapped Bitcoin (WBTC). In this case, a trader amassed substantial earnings by holding WBTC for over six months.
The trader initially invested 8.67 million USDC to acquire 289 WBTC at a price of $29,967 on April 1st. On December 18th, the trader sold 230 WBTC, amounting to $9.44 million at $41,041 per token.
Wrapped Bitcoin represents Bitcoin (BTC) on the Ethereum (ETH) network and is consistently backed by a 1:1 ratio with actual Bitcoin. At the time of writing, WBTC is trading at $42,369, showcasing its enduring value.
Both of these impressive trading endeavors highlight the potential for significant profits within the cryptocurrency market. As traders continue to leverage decentralized exchanges and identify promising tokens, substantial gains can be realized.