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Multifold gains on Solana-based meme coins have apparently led traders to hunt for small-cap plays on other networks – with some lucky enough to flip a tiny initial capital to a life-changing figure.

And while dog-themed tokens have usually created outsized gains for meme coin traders, Avalanche’s Coq Inu (COQ), a hen-themed token, is leading the narrative on the blockchain. Data shows the token was issued on Dec.8 and has since surged to a $230 million capitalization as of Wednesday, creating wild profits for early buyers.

The token is “for entertainment purposes only,” a fact the developers aren’t shying away from: “$COQ is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or roadmap,” the site reads.

“The coin is completely useless and for entertainment purposes only.”

A single trader apparently acquired just over $450 worth of COQ shortly after its issuance and the amount has since ballooned to over $2.5 million, on-chain data cited by Lookonchain shows. The wallet has seemingly sold over $1.5 million worth of COQ so far and sits on over $800,000 in unrealized gains.

A trader turned $454 into $2.19M in 2 weeks by trading $COQ, a gain of 4827x!This trader spent 17.26 $AVAX($454) to buy 4.86T $COQ through 7 addresses, then sold 4.61T $COQ for 32,251 $AVAX($1.26M) and 259K $USDC.Currently holding 250B $COQ($700K), the profit is ~$2.19M. pic.twitter.com/arsaX6Uey8

— Lookonchain (@lookonchain) December 19, 2023

Meme tokens derive their appeal from the virality of a popular existing meme or the attention their communities generate in online circles. Most of these tokens fail, but the ones that stick may turn into billion-dollar projects, after which their developers may introduce more fundamental utility to support further growth.

Anyone can call a smart contract and issue tokens on a blockchain, such as Ethereum or others, for a few cents, and the presence of decentralized exchanges means tokens can instantly be issued, supplied with liquidity and traded soon after.

COQ has been Avalanche’s shining star in recent weeks. Data shows the tokens have over 30,000 unique holders as of Tuesday, and saw $30 million in trading volumes in the past 24 hours.