Memecoin Season! Investor Sees 162,300% Gain from Avalanche-Based Memecoin Project in a Week

The Avalanche blockchain has experienced a mini altcoin season in the past 30 days, with AVAX rising 122% within the same period. There has also been incredible volatility on-chain, with some memecoin on the blockchain seeing astronomical gains and others crashing simultaneously.

AVAX Altcoin Season Heats Up 

According to the blockchain platform Arkham Intelligence, Coq Inu (COQ) was the top performer among the basket of Avalanche-based memecoins, seeing a meteoric rise from a market cap of a mere $4,000 to $48.9 million in just five days.

This impressive growth sparked a wave of memecoin speculation on AVAX, with one early investor reaping massive rewards. The investor, identified as “0xB44,” spent a mere 5.5 AVAX (around $150) to acquire 689 billion COQ tokens. They sold these tokens six days later through a different address for around $240,000, resulting in a remarkable 162,300% return in less than a week.

0xB44 spent only 5.5 AVAX (<$150) to acquire 689B of COQINU, which he sold around 6 days later on a different address, for over $240K.

That’s a gain of 162,300% in less than a week. pic.twitter.com/LtrjBSAdmJ

— Arkham (@ArkhamIntel) December 13, 2023

Another notable performer during this period was Landwolf (WOLF). One early investor, “0x037,” acquired $193,000 worth of WOLF tokens with only $5,000, scoring a 30x return in just a few days. However, unlike others, this trader has yet to sell their tokens, leaving investors wondering if there is more to come.

Others Fail to Impress 

While COQ and WOLF have displayed impressive performances, several other tokens have failed to impress despite launching during AVAX’s memecoin season.

One of these tokens is EGGS. One unlucky investor, Rektpleb95, put their last 2 ETH on AVAX into EGGS, hoping for a big break. Unfortunately, the token failed to live up to its name, and the buyer’s investment tanked by over 80%.

Meanwhile, the recent impressive performance by COQ raises the question of whether Avalanche has found its memecoin champion. While popular memecoins like SHIB and BONK thrive on other blockchains, Avalanche has been missing out on this potential driver of community engagement and investor interest.

While COQ shows potential, it remains to be seen whether it lives up to the hype in the long run.