An unknown user purchased the Coq Inu tokens (COQ) for $454, which grew more than 4,800 times in two weeks.
According to Lookonchain data, the investor exchanged 17.26 Avalanche (AVAX) to buy 4.86 trillion COQ tokens. He used seven different addresses to make the purchase.
After a meteoric rise, the user sold most COQ tokens, receiving 32,251 AVAX and 259,000 USDC. He still holds about 250 billion COQ worth more than $700,000. Experts concluded that the trader earned approximately $2.19 million from this cryptocurrency.
At the time of writing, the Coq Inu token is trading near $0.0000028, according to CoinMarketCap. Over the past 24 hours, the token has increased by almost 70%. Since its launch, the token has risen in price by 560%.
Before this, another trader earned over $1.5 million on memcoin on the Solana network. He invested approximately $226,000 in Dogwifhat (WIF).
The rise in prices over the past few weeks shows that meme coins are gaining momentum again. Top projects such as Dogecoin (DOGE) and Shiba Inu (SHIB) hint that the bear market may soon be ending. Some analysts are also optimistic on Dogecoin’s prospects. Myles G believes the coin remains in an uptrend and is breaking out to higher levels.
Read more: Investor optimism fuels meme coins growth: predictions and market analysis
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