On April 3, a crypto trader managed to turn an initial investment of $13,000 into over $2 million, achieving a gain of 15,700%. The trader accomplished this by investing in the new memecoin called Donotfomoew (MOEW), which is built on the Base blockchain.
According to blockchain analytics firm Lookonchain, the trader bought 499.9 million MOEW just ten minutes after it was listed on decentralized exchanges (DEXs). Less than an hour later, the trader sold 111.65 million MOEW for 99 ETH ($328,000). As of now, the trader still holds 388.24 million MOEW, which is valued at $1.76 million.
The cat-themed MOEW meme token was created by Bitget Wallet and was initially intended for fun. However, its value skyrocketed shortly after its debut on DEXs, and it currently has a market capitalization of $31 million. In response to this unexpected price surge, Bitget Wallet advised users not to buy or “fomo” (fear of missing out) on the token.
More than 8,000 addresses have received MOEW tokens as part of an ongoing airdrop. To be eligible for the airdrop, users needed to have enough BWB points in their exchange wallet, which can be earned by holding balances in Bitget Wallet or performing in-app cross-chain swaps. These BWB points can then be exchanged for upcoming BWB tokens in the second quarter.
Both established memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB), as well as newly minted memecoins on Solana and Base, have experienced significant value surges during the current bull market. One example is Jeo Boden (BODEN), a Solana memecoin parodying United States President Joe Biden, which now has a market cap exceeding $250 million. Another Solana memecoin associated with Taiwanese music celebrity Machi Big Brother saw wild price swings after a $40 million presale.
Source: Bitget Wallet
Related: Get to know the Solana memecoin that survived two rug pulls