Coq Inu (COQ), a recently launched Avalanche-based memecoin, has leveraged the latest market-wide uptrend to register a massive 60,000% surge since its launch earlier this month.
Launched on Dec. 7, Coq Inu has quickly garnered significant attention from the crypto community, maintaining a sustained uptick since it started trading. Amid the upsurge, COQ is up 51% over the past 24 hours, data from CoinGecko shows.
The memecoin has been on a steady growth path, with its pullbacks too minor to trigger any concerns among market participants. In a recent intraday spike on Dec. 10, Coq Inu surged 101% from $0.000000246 to a high of $0.000000495. This marked its all-time high at the time.
However, the asset witnessed a major setback at this price, collapsing 24% within a day. A resurgence saw COQ register a comeback against the bears, eventually rallying to a new all-time high of $0.000000516 earlier today.
Early whales in massive profit
Amid these surprising highs, early whale investors are currently sitting on massive profits, as detailed by blockchain surveillance system Lookonchain. In a disclosure on X today, Lookonchain pointed out that COQ has rallied by a mind-boggling 60,000% rise since it started trading five days ago.
The surveillance resource revealed that a market participant purchased 2.25 trillion COQ on Dec. 7, the memecoin’s inaugural trading day. These 2.25 trillion tokens were worth 140 Avalanche (AVAX) or $3,680. Following the meteoric rise, the tokens are now valued at $1.48 million.
Despite the impressive ROI, the trader has not dumped the COQ tokens at the reporting time. The assets are currently stored in two separate addresses, with these two addresses ranking as the second and third largest COQ holders. Lookonchain suggests that the trader is an insider.