At the time of writing, the trader had sold 111.65 million MOEW for 99 ETH worth $328,000, realizing a profit of more than $315,000.
Less than seven hours ago, a memecoin trader made roughly $2 million from a $13,000 investment in the just-launched donotfomoew (MOEW). The token’s value skyrocketed within an hour after it began trading on decentralized exchanges (DEXs).
Turning $13K to $2M
According to a tweet by market analytics platform Lookonchain, the trader spent four ether (ETH) to buy 499.9 million MOEW ten minutes after the token’s debut on DEXs. Within 60 minutes, their wallet recorded a gain of 158x.
At the time of writing, the trader had sold 111.65 million MOEW for 99 ETH worth $328,000, realizing a profit of $315,000. The wallet still holds 388.24 million MOEW worth approximately $1.76 million.
Web3 wallet provider Bitget Wallet created MOEW on April 3 for fun. The token’s developers said they just wanted to experience the power of memes and that the project was nothing serious but an experiment.
A total supply of ten billion tokens, MOEW was launched on Coinbase’s Ethereum-based layer-2 network Base, with 50% to be locked in the liquidity pool and the remaining half to be distributed to eligible Bitget Wallet users as airdrops. The wallet provider said it would not keep any tokens.
MOEW Skyrockets 29,000%
Over 8,000 addresses received MOEW airdrops today, and Bitget said the rest of the tokens would be distributed over the next five days. To be eligible for the token allocation, users had to earn BWB points by holding crypto balances in their Bitget Wallet or executing in-app cross-chain swaps. Notably, donotfomoew’s mantra is “Don’t buy, don’t FOMO.”
“Lost money on memes? So did we. $MOEW will be airdropped to all users who made losses in this meme market. We bet 80% of users got rekt before. Participating in the $BWB airdrop event and holding 500 BWB Points over the next 5 days will qualify you for $MOEW airdrops,” Bitget stated.
Within a few hours after the launch of MOEW, the cat-themed memecoin has surged by more than 29,000%. It has a market cap of roughly $19 million and a trading volume of over $50 million. At the time of writing, the token was worth $0.0019, per data from CoinScan.
While MOEW records massive gains, Bitget Wallet has warned its users of scammers and suspicious activities.