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High gains from Solana (SOL) based memecoins seem to have pushed investors to search for small-scale memecoins on other networks. Some were lucky enough to turn a small starting capital into life-changing amounts. One such lucky investor turned $450 into $2 million with the Avalanche (AVAX) based memecoin Coq Inu (COQ).
A $450 Investment Turns Into $2.5 Million
While dog-themed tokens often bring significant returns for memecoin investors, a chicken-themed memecoin, Coq Inu, is leading this narrative on the Avalanche Blockchain. Data shows that the altcoin was launched on December 8, 2023, and as of today, its market value has risen to $230 million. With this increase in market value, the price of COQ has multiplied, bringing incredible gains to its early investors.
According to on-chain data provided by Lookonchain, a lucky investor purchased COQ shortly after its launch for just over $450. This small investment quickly grew to over $2.5 million.
Data indicates that the lucky investor has sold over $1.5 million worth of COQ so far and currently holds unrealized profits of over $800,000.
The Never-Ending Memecoin Hype
Memecoins derive their appeal from the virality of a current popular meme or the interest created by their communities in online circles. Most of these altcoins tend to fail and crash, but the survivors can turn into billion-dollar projects, as was the case with the largest memecoin, Dogecoin (DOGE). From this point, developers may make significant strides to achieve further growth in the memecoin.
It’s worth noting that anyone can create a smart contract on Ethereum (ETH) or other blockchain networks for a few dollars, issue tokens, and list them on decentralized exchanges (DEXs) by providing liquidity. While this presents the possibility of high returns, investors should be cautious when engaging with such projects.
