Investors seeking high returns from memecoins on the Solana (SOL) platform have now turned their attention to smaller-scale memecoins on other networks. Some of these investors have been fortunate enough to turn modest investments into life-changing sums. One such investor increased their investment from $450 to $2 million with the Avalanche (AVAX) based memecoin, Coq Inu (COQ).
Coq Inu, a chicken-themed memecoin on the Avalanche Blockchain, is leading the narrative with significant gains for memecoin investors. The altcoin was launched on December 8, 2023, and has since reached a market value of $230 million. This increase in market value has resulted in a substantial price surge, rewarding early investors with incredible profits.
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 ballooned to over $2.5 million in a short period.
The data also reveals that the fortunate investor has already sold more than $1.5 million worth of COQ and currently holds unrealized gains exceeding $800,000.
Memecoins derive their appeal from the virality of a popular meme or the interest generated by their communities online. While many of these altcoins tend to fail, the ones that survive can evolve into billion-dollar projects, as seen with the largest memecoin, Dogecoin (DOGE). Developers may make significant strides to achieve further growth in their memecoin projects. It’s important to remember that anyone can create a smart contract and issue tokens on Ethereum (ETH) or other blockchain networks for a few dollars, and list them on decentralized exchanges (DEXs) by providing liquidity. Despite the potential for high returns, investors should exercise caution with such projects.