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Hen-Themed Meme Coin Coq Inu Surges to $230 Million Market Cap on Avalanche Blockchain

20/12/2023 16:44

According to CoinDesk, Solana-based meme coins have experienced multifold gains, leading traders to seek small-cap plays on other networks. One such token is Avalanche's Coq Inu (COQ), a hen-themed token that has gained significant attention. Issued on December 8, the token has surged to a $230 million market capitalization as of Wednesday, generating substantial profits for early investors. The developers of COQ emphasize that the token is for entertainment purposes only and has no intrinsic value or expectation of financial return. There is no formal team or roadmap for the project, and the coin is considered completely useless. One trader reportedly acquired just over $450 worth of COQ shortly after its issuance, and the amount has since ballooned to over $2.5 million, according to on-chain data cited by Lookonchain. The wallet has seemingly sold over $1.5 million worth of COQ so far and sits on over $800,000 in unrealized gains. Meme tokens gain popularity from the virality of existing memes or the attention their communities generate online. While most of these tokens fail, some may turn into billion-dollar projects, leading developers to introduce more fundamental utility to support further growth. Issuing tokens on blockchains like Ethereum is relatively simple and inexpensive, and the presence of decentralized exchanges allows tokens to be issued, supplied with liquidity, and traded soon after. COQ has become Avalanche's shining star in recent weeks, with data showing over 30,000 unique holders as of Tuesday and $30 million in trading volumes in the past 24 hours.

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