On April 3rd, a crypto trader managed to turn $13,000 into an impressive $2 million, achieving a gain of 15,700%. This remarkable feat was accomplished by investing in the unique memecoin called Donotfomoew (MOEW), which operates on the Base blockchain.
According to blockchain analytics firm Lookonchain, the trader purchased 499.9 million MOEW tokens using 4 Ether (ETH) just 10 minutes after MOEW was listed on decentralized exchanges (DEXs). Less than an hour later, the trader sold 111.65 million MOEW tokens for 99 ETH ($328,000) and currently holds 388.24 million MOEW tokens, which are valued at $1.76 million at the time of this article.
The MOEW meme token, which is based on a cat theme, was created earlier in the day by Bitget Wallet. The creators of MOEW described it as “just for funsies, nothing too serious” and expressed their curiosity about the power of memes. However, shortly after its debut on DEXs, MOEW experienced a significant surge in value. As of now, its market capitalization stands at $31 million. In response to this unexpected price action, Bitget Wallet issued a message advising users not to buy or engage in “fomo” (fear of missing out), stating:
“More than 8,000 addresses have received MOEW tokens during the ongoing airdrop, which is eligible for users who held enough BWB points for the exchange wallet’s BWB token airdrop. Over a six-week period, users could earn BWB points, which are swappable for upcoming BWB tokens in Q2, by holding balances in Bitget Wallet or performing in-app cross-chain swaps.”
During this current bull market, both established memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB), as well as newly minted memecoins on Solana and Base, have experienced significant surges in value. For instance, Jeo Boden (BODEN), a Solana memecoin that parodies United States President Joe Biden, has surpassed a market capitalization of $250 million. Taiwanese music celebrity Machi Big Brother’s Solana memecoin also witnessed wild price action after a $40 million presale earlier this week.
Overall, the crypto trader’s impressive gains with MOEW serve as yet another example of the unpredictable and potentially lucrative nature of the cryptocurrency market.