Crypto Trader Turns $13,000 Investment into $2 Million with MOEW Memecoin in Hourly Gains
Summary:
A crypto investor turned a $13,000 investment into over $2 million, thanks to a 15,700% gain from the newly minted memecoin donotfomoew (MOEW) on the Base blockchain. The huge gains came within an hour, proving the capricious nature of meme-based tokens. Despite this, the creators of MOEW, Bitget Wallet, continue to caution investors from rushing into buying. Significant value surge on memecoins has been apparent in the ongoing bull market, including both established and newly minted tokens.
On April 3, a cryptocurrency enthusiast transformed a modest $13,000 investment into a whopping $2 million. This 15,700% increase was achieved by investing in the newly minted memecoin donotfomoew (MOEW), which operates on the Base blockchain. The trader's journey was mapped out by blockchain-analysis company Lookonchain, revealing how he initially purchased 499.9 million MOEW tokens with four units of Ether (ETH) within minutes of MOEW's debut on decentralized exchanges (DEX). In under an hour, the trader liquidated 111.65 million MOEW for 99 ETH ($328,000), keeping 388.24 million MOEW in possession, worth $1.76 million at report time.
Bitget Wallet, the company behind the creation of the cat-inspired MOEW token, initally launched it as a jest, so as to experiment with the impact of memes. Countering expectations, the token witnessed significant appreciation after its DEX debut, now boasting a market cap of $31 million. As its value soared, the Bitget Wallet team cautioned users not to succumb to the fear of missing out, stating that half of MOEW tokens are permanently locked for liquidity provision and the rest are for airdrop distribution, with Bitget Wallet not retaining any tokens.
The MOEW airdrop is ongoing and has reached over 8,000 wallets so far, with eligibility resting on sufficient ownership of BWB points for the BWB token airdrop in the exchange wallet. BWB points can be accumulated over six weeks either by holding balances in Bitget Wallet or conducting in-app cross-chain trades. These points are later convertible for the upcoming BWB tokens in Q2.
The bullish cryptocurrency market has promoted significant price jumps for both longstanding memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB), and fresh memecoins on Base and Solana. A notable mention is Joe Boden (BODEN), a meme-inspired representation of the US President on Solana, which has eclipsed a $250 million market cap. In a similar turn of events, the Solana memecoin of Taiwanese music star Machi Big Brother witnessed dramatic price movements after a $40 million presale.
On April 3, Bitget Wallet's memecoin, MOEW, recorded a significant value upsurge.
Published At
4/3/2024 7:55:56 PM
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