Meme Coin Mania Continues As Trader Turns $13K Into $2M Trading Donotfomoew (MOEW)

Updated: 04 April 2024

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A crypto trader managed to turn $13k into over $2 million to achieve a more than 15,000% gain by trading the meme coin Donotfomoew (MOEW).

On-chain tracking firm Lookonchain revealed the steps the trader took to amass this substantial gain in an Apr. 3 X post.

Ten minutes after the Base blockchain token started trading, the investor purchased 499.9 million of the cat-themed MOEW for 4 Ethereum (ETH), valued at $13k. After the token’s value skyrocketed, the trader cashed out $328k by selling 111.65 million tokens for 99 ETH. The investor still holds 388.24 million tokens, according to Lookonchain.

Bitget Explores The Power Of Meme Coin Mania

MOEW is a cat-themed token that was created on Apr. 3 by Bitget Wallet. The company said in an X post that creating the crypto was “just for funsies, nothing too serious,” and called the token’s launch a test to see “what the power of memes can do.”

Shortly after debuting on decentralized exchanges, the meme coin’s value skyrocketed. While MOEW has retraced since the trader took profit, it is still up 9,999% over the last 24 hours to trade at $0.003374 as of 5:00 a.m. EST, according to CoinMarketCap.

Its market cap has soared to $33 million as a result of the strong price performance.

Please note that 50% of $MOEW are for LP addition (permanent lock), the other 50% are allocated for #airdrop distribution! #BitgetWallet does not keep any tokens.

Do not buy, do not fomo! 🐱$MOEW @donotfomoew pic.twitter.com/mEJkJGVVNO

— Bitget Wallet 🩵 (@BitgetWallet) April 3, 2024

Bitget Wallet shared a follow-up message yesterday to tell investors not to buy as a result of FOMO.

“Please note that 50% of MOEW are for LP addition,” it said in a second X post. MOEW’s remaining supply has been set aside for airdrop distributions, Bitget Wallet added, before revealing that the company does not hold any tokens itself.

Investors Can Build BWB Points For Upcoming Airdrops

Over 8,000 addresses have received MOEW tokens through the ongoing airdrop. Bitget Wallet users who held enough Bit World Token (BWB) points for the exchange wallet’s BWB token airdrop are eligible to receive this new meme coin through the event.

In the coming six weeks, anyone that holds balances in the Bitget Wallet or performs in-app cross-chain swaps will earn BWB points. These points can then be exchanged for upcoming BWB tokens, which are set to launch in Q2 this year.