Coq Inu (COQ), a recently launched Avalanche-based memecoin, has capitalized on the latest market-wide upward trend, posting a massive 60,000% surge since its launch earlier this month.
Launched on December 7, Coq Inu quickly gained significant attention from the cryptocurrency community and has maintained a steady upward trend since it began trading. Amid the surge, COQ is up 51% in the last 24 hours, according to data from CoinGecko.
Memecoin has continued its steady growth path, with declines too minimal to cause concern among market participants. In the most recent intraday surge on December 10, Coq Inu soared 101% from $0.000000246 to $0.000000495. This was an all-time high at the time.
However, the asset suffered a major setback, plummeting 24% in one day from this price. The resurgence saw COQ stage a comeback against the weakness, eventually hitting a new all-time high of $0.000000516 this morning.
Early Whales Earn Huge Profits
Amid these incredible highs, early whale investors are now reaping huge profits, according to blockchain watchdog Lookonchain. In today’s disclosure on
The watchdog resource found that market participants purchased 2.25 trillion COQ on December 7, Memcoin’s first trading day. These 2.25 trillion tokens are worth 140 Avalanche (AVAX) or $3,680. After a rapid rise, the token is now valued at $1.48 million.
Despite the impressive ROI, traders had not dumped any COQ tokens at the time of reporting. Assets are currently stored in two separate addresses, which are ranked as the second and third largest COQ holders. Lookonchain suggests that traders are insiders.
Although the market is still in its infancy, COQ initially seeks to lead the same wave as Pepecoin (PEPE). Immediately after launch, the number of token holders reached 1,100, attracting $1 million in interest.