A remarkable feat was achieved by a crypto trader who managed to turn a $13,000 investment into a staggering $2 million by betting on a new memecoin named Donotfomoew (MOEW), hosted on the Base blockchain, achieving an impressive 15,700% gain on April 3.
The trader’s success story was highlighted by Lookonchain, a blockchain analytics firm, which detailed the transaction sequence.
Initially, the trader acquired 499.9 million MOEW tokens with 4 Ether just 10 minutes following MOEW’s introduction on decentralized exchanges (DEXs).
Subsequently, within less than an hour, the trader offloaded 111.65 million MOEW tokens for 99 ETH, equivalent to $328,000, and retained 388.24 million MOEW tokens, valued at $1.76 million at the time of reporting.
MOEW, a memecoin with a cat theme, was launched on the same day by Bitget Wallet.
The creators described MOEW as a light-hearted project, stating, “just for funsies, nothing too serious, we wanna see what the power of memes can do.”
Despite the initial casual outlook, MOEW’s value skyrocketed shortly after hitting the DEXs, amassing a market capitalization of $31 million.
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Amidst the surge, Bitget Wallet advised against purchasing the coin in a precautionary message to its users, emphasizing, “Do not buy, do not fomo,” and clarified the distribution of MOEW tokens, ensuring transparency about its allocation for liquidity provision and airdrop distribution without retaining any tokens for themselves.
The ongoing airdrop has seen over 8,000 addresses receive MOEW tokens, targeting participants of the Bitget Wallet’s BWB token airdrop who accumulated sufficient BWB points over six weeks through wallet balance maintenance or in-app cross-chain exchanges.
These points are set to be exchangeable for BWB tokens in the coming quarter.
This event underscores the volatile and unpredictable nature of the cryptocurrency market, where both established and emerging memecoins, including those on Solana and Base blockchains, have experienced significant value appreciation.
Memecoins, like the Jeo Boden (BODEN) parodying Joe Biden and a notable Solana memecoin backed by Taiwanese music celebrity Machi Big Brother, have demonstrated substantial market cap growths, indicating a continued bullish trend in the sector.
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