Trader turns $13K into $2M within 1 hour as memecoin frenzy continues
The donotfomoew (MOEW) memecoin skyrocketed in value shortly after its debut on DEXs on April 3.
A crypto trader has turned $13,000 into over $2 million, representing a gain of 15,700%, on April 3 from investing in the novel memecoin donotfomoew (MOEW) minted on the Base blockchain.
As told by blockchain analytics firm Lookonchain, the trader first purchased 499.9 million MOEW using four Ether (ETH) 10 minutes after the listing of MOEW tokens on decentralized exchanges (DEX). Less than one hour later, the trader sold 111.65 million MOEW for 99 Ether ($328,000) and currently holds 388.24 million MOEW, worth $1.76 million at the time of publication.
The cat-themed MOEW meme token was created earlier in the day by Bitget Wallet, whose developers stated that MOEW was “just for funsies, nothing too serious, we wanna see what the power of memes can do.” Shortly after their debut on DEXs, however, the MOEW token surged in value and currently commands a market cap of $31 million. In response to the price action, Bitget Wallet developers wrote in a follow-up message telling users to “do not buy, do not fomo," adding:
...