Coq Inu Memecoin Records 60,000% Gains Within 5 Days of Launch
Coq Inu, a new memecoin that launched on Avalanche, has seen massive gains in its early days. Whether that is sustainable is a different question.
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A newly created memecoin, Coq Inu, has risen 60,000% since its launch five days ago. The Avalanche-based memecoin debuted trading on December 7 and is already gathering momentum. But whether it will survive and become relevant is a different thing entirely. Still, its performance is attracting interest. It is only right that we do a deep dive for those who might want to acquire some COQ.
Origin of Coq Inu
Coq Inu is a project created by some members of the Avalanche-based Chikn NFTs, although it has no affiliations with it. According to one of the founding members, the idea for Coq Inu came during the Avalanche Summit in Barcelona. From there, the developers minted the token's total supply into a liquidity pool with 150 AVAX.
Tokenomics
Coq Inu has a total supply of 69,420,000,000,000 tokens. This is a play on the 69 and 420 memes. All the supplies were minted at once, and the developers renounced control. This means there is no contract control, limiting the risk of a rug pull.
Unlike most crypto projects, there are no team allocations, presales, or taxes. This limits the influence of insiders on the project. But that does not mean insiders don't have any advantage. According to the supply chart, about 50% of the memecoin supply is controlled by the top 100 holders while the remaining holders control the rest. Some of these top 100 holders are insiders who bought it early. This means that any sell-off by the whales could significantly impact its value.
COQ Performance
Since its launch, the memecoin has been gaining value with only minor drawbacks. This is mostly because more people are buying in. Over 10,000 people hold the token, and its liquidity has reached $1.2 million. In the past 24 hours, the memecoin gained about 17% before pulling back. Those who bought it early are currently sitting on substantial profits because it has gained about 60,000% since then.
On-chain smart money tracker Lookonchain identified an early buyer who bought 2.25 trillion COQ with just 140 AVAX ($3,680). The price increase means he has over $1.4 million in unrealized profits. The whale, an insider, now holds the funds in two wallets.
However, those who bought it today might not be so happy. The memecoin reached a new peak of $0.0000000685853 earlier today and is now down 34%.
Is Buying COQ Advisable
Given the recent performance, you might be thinking of buying Coq Inu. However, it is important to know COQ is a memecoin with no utility or value. This disclaimer is on the website. It adds that "the coin is completely useless and for entertainment purposes only." This disclaimer should caution anyone about the risk of investing in the token.
Nevertheless, if you still plan to buy, COQ is only available on decentralized exchanges such as Trader Joe and Yield Yak. This means anyone who wants to buy it must be familiar with DEXs. It is possible that centralized exchanges will list it later.
