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An unknown crypto dealer is seeing astronomical beneficial properties after holding a brand new meme token for simply a few weeks.
On-chain information tracker Lookonchain says that the dealer spent lower than $500 to amass a stack of Coq Inu (COQ), a memecoin operating on the Avalanche (AVAX) community.
In response to Lookonchain, the entity in query used the Avalanche-based decentralized alternate (DEX) Dealer Joe to swap his AVAX trove for trillions of COQ on December seventh. On the time, COQ was buying and selling at round $0.0000000925.
The dealer subsequently traded most of his COQ stack for AVAX and stablecoin USDC whereas the meme token was within the midst of a parabolic rally – bagging hundreds of thousands of {dollars} value of crypto within the course of.
“A dealer turned $454 into $2.19 million in two weeks by buying and selling COQ, a acquire of 4,827x!
This dealer spent 17.26 AVAX ($454) to purchase 4.86 trillion COQ by means of seven addresses, then offered 4.61 trillion COQ for 32,251 AVAX ($1.26 million) and 259,000 USDC.
At present holding 250 billion COQ ($700,000), the revenue is ~$2.19 million.”
At time of writing, COQ is buying and selling for $0.00000376, up practically 4,000% from when the dealer purchased his cash.
Lookonchain additionally noticed one other dealer making hundreds of thousands of {dollars} by holding Wrapped Bitcoin (WBTC) for greater than six months.
“Making a living typically requires persistence.
A dealer offered WBTC to make earnings after ready for eight months.
The dealer spent 8.67 million USDC to purchase 289 WBTC at $29,967 on Apr 1st, then offered 230 WBTC ($9.44 million) at $41,041 [on December 18th].
And at present holds 59 WBTC ($2.43 million), with a revenue of ~$3.2 million.”
Wrapped Bitcoin represents Bitcoin (BTC) on Ethereum (ETH) and is backed 1:1 with Bitcoin. At time of writing, WBTC is buying and selling for $42,369.
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