Why Is Coq Inu (COQ) Pumping? Perfect Storm of Volume, Holders, Hype Boost the Avalanche Memecoin Price by +110%
The Avalanche-based memecoin Coq Inu (COQ) has seen massive price appreciation over the past day, skyrocketing over 115% higher amid several potentially bullish signals coming together to ignite this parabolic uptrend.
However, it is important to point out that COQ still has an extremely low market capitalization under $100k. Assets at these early stages with such micro caps come with substantial risk, so caution is warranted despite the epic short-term gains.
Surging Volume and Holders
As noted by @Astiran91, Coq Inu trading volume recently exceeded $83 million as the price hit new all-time highs. Additionally, the number of unique COQ holders surpassed 18,000 wallets and addresses. This combination of explosive activity and user growth helps validate there could be real organic interest sparking this vertical move.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Backstory Adding Confidence
According to further context provided, Coq Inu was founded by respected members of the Avalanche community who took no founder distribution of tokens. The entire supply began locked in liquidity pools, enabling fair distribution and trade. These positive early signals regarding integrity and transparency may be factors providing confidence for investors to jump aboard the rally.
AVAX Growth Supporting Speculation
The price increase also aligns with strong recent performance in the broader Avalanche ecosystem. As COQ is built on Avalanche’s blockchain framework, speculation of that network’s usage growing may be spilling over to spur bullish sentiment for AVAX-based assets like this meme token.
So in summary, the stars seem aligned right now for the Coq Inu uptrend with key supply, demand, and product indicators all pointing up. However, the token’s minuscule market cap introduces significant volatility that could easily reverse these epic gains. Traders should weigh all factors before chasing what could become just a short-lived memecoin pump.
You may also be interested in:
- Why is Ripple (XRP) Lagging Behind While Other Altcoins Surge?
- How Far Can the Current Avalanche (AVAX) Rally Go? Expert Isn’t So Optimistic
- Top 3 Meme Coins To Emerge From 2023: Pepe, Bonk, and NuggetRush
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
