Avalanche-based meme coin Coq Inu disavowed by creators despite a 487% rise
|- The meme coin narrative is picking up heat with Avalanche-based meme coin COQ noting a 487% rise in the past week.
- Following dog and frog, COQ is expanding the range of animal-inspired cryptos as Coq Inu is a hen-themed token.
- Caution should be observed since the memecoin has a market capitalization of just $204 million, with 24-hour trading volume sitting at $46 million.
Avalanche-based Coq Inu has joined the meme coin narrative, which has been an on-and-off trend during which many names pop up and disappear. Since the value of cryptocurrencies is primarily derived from demand and supply, these meme coins see stellar rises during the trending period and the opposite when the investors stop caring.
Avalanche joins the meme coin market
Coq Inu, a meme coin built on Avalanche, has been trending over the past couple of days in the meme coin space. Beating out heavy players such as Shiba Inu, PEPE and BONK, COQ is currently noting significant increases.
Over the past week, COQ price has risen by 487%, bringing the meme coin to trade at $0.000002998 at the time of writing. Betting on this token, some people even seem to be making considerable profits. Coq Inu, being a hen-themed cryptocurrency, is joining the range of animal-based tokens in addition to SHIB and DOGE’s dog and PEPE’s frog.
Now, while this might entice users to jump on the bandwagon and try to make profits for themselves as well, it must be noted that its very own creators do not find any value in the token. Blatantly mentioning how COQ is a shitcoin, Coq Inu creators put out a disclaimer on their website that the meme coin has no intrinsic value and only serves the purpose of entertainment.
Coq Inu disclaimer
Investors must practice caution
The fact that the creators are warning investors should be enough to make people wary of such cryptocurrencies that come up every now and then. However, solid proof of its worthlessness can be found in tokenomics as wielding a total market capitalization of $231 million, the altcoin is observing a daily trading volume of $50 million.
COQ market cap and trading volume
This is nearly a quarter of the total value of the meme coin, raising concerns surrounding the liquidity of the token. Furthermore, the likes of PEPE, BONK, Shiba Inu, Baby Doge Coin and more have already proven that the hype of a memecoin is terminal.
Earlier this year, PEPE made headlines following a 250% gain in a single day, and after it, the Solana-based meme coin BONK rose by over 500% in the span of just two weeks at the beginning of this month.
Interestingly, neither of the two meme coins is anywhere in the trending list. Coq Inu is also likely going to witness a similar fate and end up ignored soon after.
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