In a whirlwind of memecoin madness, one crypto trader managed to turn a modest $13,000 investment into a staggering $2 million windfall within just one hour. The catalyst? The meteoric rise of Donotfomoew (MOEW), a memecoin minted on the Base blockchain, which skyrocketed in value shortly after its debut on decentralized exchanges (DEXs) on April 3.
A Memecoin Miracle: The Rise of Donotfomoew (MOEW)
According to insights provided by blockchain analytics firm Lookonchain, the trader wasted no time in seizing the opportunity presented by MOEW’s sudden surge. Within 10 minutes of its listing on DEXs, the trader swooped in to purchase a whopping 499.9 million MOEW tokens, equivalent to 4 Ether.
Astoundingly, less than one hour later, the trader made a jaw-dropping sale, offloading 111.65 million MOEW for 99 ETH, translating to a staggering $328,000. Even after cashing out, the trader was left holding 388.24 million MOEW tokens, valued at a remarkable $1.76 million at the time of publication.
The Birth of MOEW: From Meme to Market Sensation
The journey of MOEW began with its creation by Bitget Wallet earlier in the day, with the team emphasizing its playful nature, stating that MOEW was “just for funsies” to explore the potential of memes in the crypto space. However, what started as a lighthearted experiment quickly transformed into a serious market mover, as MOEW’s value surged post-listing, propelling its market cap to an impressive $31 million.
Also Read: Meme Coins on the Rise: Your Guide to Turning $1K into $100,000
Responding to the unexpected price surge, Bitget Wallet issued a cautionary message to users, urging them to exercise restraint and avoid impulsive buying, emphasizing that half of the MOEW tokens were locked permanently, with the remainder allocated for airdrop distribution.
Airdrops and Memecoin Mania: Riding the Wave of Crypto Hype
MOEW’s explosive rise is emblematic of the broader memecoin frenzy gripping the cryptocurrency market. Both established meme coin like Dogecoin and Shiba Inu, and newly minted tokens on platforms like Solana and Base, have witnessed unprecedented surges in value amidst the ongoing bull market.
Tokens like Jeo Boden (BODEN), a Solana memecoin parodying US President Joe Biden, have soared to dizzying heights, boasting market caps exceeding $250 million. Similarly, celebrities entering the memecoin arena, such as Taiwanese music sensation Machi Big Brother, have seen wild price fluctuations, with a $40 million presale setting the stage for speculative fervor.
