Making the rounds is an unknown trader who made an incredible $2.19 million from a meagre $454, demonstrating the volatile nature of meme markets. This specific case is the Avalanche meme token COQ, which yielded a 4,827-fold return on investment in a span of two weeks.
The remarkable voyage started when the trader bought 4.86 trillion COQ using seven separate addresses for 17.26 AVAX, or around $454. They later sold 4.61 trillion COQ for 32,251 AVAX (worth $1.26 million) and an extra 259K in USDC when the meme token’s value skyrocketed. A residual holding of 250 billion COQ, or around $700K, means that the total realised profit is about $2.19 million.
https://x.com/lookonchain/status/1737026313389736016?s=20
However, there is a cloud of doubt surrounding this astounding success tale. It begs the question: Was this trader the beneficiary of extraordinary chance, or did they possess insider knowledge? At a paltry $450, the first purchase was nearly insignificant and might have been written off as a speculative gamble that, against all chances, paid off spectacularly.
However, it is crucial to place these fortunate events in the larger perspective of meme currency trade. More than 90% of traders who use meme tokens lose money, which is comparable to the improbable odds of winning the big prize at a casino. Profiting from meme coins is like gambling because of their volatile character, which is frequently driven more by social media excitement and community mood than by underlying worth.
The story behind this Avalanche meme coin should serve as a warning to anybody drawn to the cryptocurrency market by the promise of instant wealth. The likelihood of loss is far greater than the possibility of enormous benefits. Rather than being a plan, betting on meme coins across many networks is a high-risk endeavour with a success rate akin to that of the lottery.
