Stories of the many gains that occurred with meme coins built on the Solana network seem to have prompted traders to look for opportunities in small new projects and coins on other networks.
Some of them were lucky and were able to turn a small amount of capital into a large, life-changing fortune.
Dog meme coins are often the source of profits for those looking for lucky strikes in the cryptocurrency market.
But this time luck was with another animal meme coin: chicken.
Represented by the Coq Inu coin built on the Avalanche blockchain network.
Data shows that this COQ meme was released just days ago on December 8th.
Its market value has since risen to $230 million as of Wednesday, creating huge profits for early buyers.
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Currently, the coin has over 30,000 unique holders as of Tuesday. It witnessed a trading volume of $30 million in the past 24 hours.
One lucky trader bought just over $450 worth of COQ tokens shortly after their release.
Its value has since risen to more than $2.5 million, according to chain data reported by Lookonchain.
It appears that the wallet holder has already sold more than $1.5 million worth of COQ tokens, meaning they have made profits and have entered his pocket. He still has more than $800,000 in unrealized profits.
Coq Inu: It’s a useless comic meme coin
The meme coin website states that it is “for entertainment purposes only,” in other words, it is a meme coin.
This is something the developers are not shy about saying: “$COQ is an NFT token with no intrinsic value or expectations of financial return. There is no official team or roadmap,” as stated on the official page.
Most of these meme coins fail and eventually disappear. But those that persist could turn into multi-billion dollar projects.
Then developers may introduce a more fundamental utility to support future growth, as is currently happening with the Shiba Inu (SHIB).
Anyone can use smart contracts and issue tokens on a blockchain like Ethereum or others for a few cents.
Then put it up for trading on decentralized exchanges directly without complications.
There are thousands of these meme coins and coins. These are issued in the hope of attracting attention and achieving great popularity, including profits for their owners and first buyers. But this happens very rarely.
This is simply what is known as gambling. Especially for buyers who are commonly called traders.
Rather, they are gamblers when it comes to this type and form of cryptocurrencies, or meme coins
Of course, for the majority of people who lose their money, nothing is comical or funny…
