The meme coin market has seen massive volatility in recent years, with new meme-inspired cryptocurrencies regularly experiencing parabolic rises and crashes. One recent standout has been Coq Inu (COQ), which has seen a meteoric 110% price surge over the past week.
Driving this growth seems to be a rapid expansion of COQ’s holder base. As noted by Twitter user Paddy, “Coq Inu had 19,000 holders a week ago. There is now over 33,000 holders. Bullish anyone?” This over 70% increase in holders indicates strong grassroots interest in the project.
COQ Drawing Comparisons to Top Meme Coin BONK
In addition, COQ has been frequently compared to Bonk (BONK) over the past week, according to market data aggregation site CompareMarketCap. BONK reached an all-time high market capitalization of around $1.2 billion.
CompareMarketCap stated on Twitter: “Coq Inu was compared the most with Bonk last week! If $COQ reaches $BONK’s ATH market cap, its price would be $0.0422. That makes 10x!”
With COQ currently priced at $0.000002812, a 10x price increase to $0.0422 would represent a astronomical return for early investors. This outlines the potential upside if the meme coin can continue gaining holders and mindshare at its current pace.
However, it is important to note that meme-based cryptocurrencies tend to be extremely speculative in nature, with prices often experiencing high volatility. While 10x gains may seem enticing, investors should be aware of the elevated risks with such assets.
Still, for risk-tolerant investors, the parabolic growth in COQ holders and attention over the past week suggests there could be room for substantial upside if momentum continues. COQ may be one to keep an eye on as the crypto meme coin craze persists into 2023 and beyond.
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