On April 3, a cryptocurrency trader managed to turn an investment of $13,000 into more than $2 million by engaging in the new memecoin, Donotfomoew (MOEW), which was minted on the Base blockchain. This remarkable gain amounted to an impressive 15,700%.
According to data provided by blockchain analytics firm Lookonchain, the trading activity commenced shortly after MOEW's listing on the decentralized exchange (DEX), where traders swiftly acquired 499.9 million MOEW using 4 Ethereum. In a matter of just 10 minutes, a portion of these tokens was sold, with the trader offloading 111.65 million MOEW for 99 ETH, translating to approximately $328,000. Presently, the trader retains 388.24 million MOEW tokens, valued at $1.76 million at the time of publication.
The inception of MOEW, introduced by Bitget Wallet with a whimsical cat-themed approach, initially conveyed a lighthearted intention, emphasizing the exploration of meme power. However, the token swiftly gained traction on the DEX, witnessing a significant surge in value. This rapid ascent saw MOEW's market capitalization soar to $31 million shortly after its launch. In response to the surge, Bitget Wallet issued a follow-up message urging caution and clarifying the distribution and utilization of MOEW tokens.
The distribution of MOEW tokens has been widespread, with over 8,000 addresses receiving them through an airdrop mechanism. Moreover, users with sufficient BWB points in their Bitget wallet are eligible for participation in the BWB token airdrop from exchange wallets. Over a six-week period, users can accumulate BWB points by maintaining balances in their Bitget wallet or engaging in in-app cross-chain redemptions, offering an avenue to acquire BWB tokens set to launch in Q2.
The broader cryptocurrency market has witnessed a surge in the popularity and value of newly minted memecoins, particularly on platforms like Solana and Base. Notable examples include Jeo Boden (BODEN), a Solana memecoin inspired by U.S. President Joe Biden, boasting a market capitalization exceeding $250 million. Additionally, Taiwanese music personality Machi Big Brother's Solana memecoin experienced significant price fluctuations following a $40 million pre-sale earlier in the week.
