A crypto trader has achieved remarkable gains, turning an initial investment of $13,000 into over $2 million by investing in the newly minted donotfomoew (MOEW) memecoin on the Base blockchain, representing a 15,700% return. The trader skillfully executed a series of trades, initially purchasing 499.9 million MOEW and later selling a portion for a substantial profit.
Crypto Trader Transforms $13,000 Investment into $2 Million with Astounding 15,700% Gain
On April 3, a shrewd crypto trader orchestrated an extraordinary investment strategy, converting a mere $13,000 into an astonishing $2 million, representing an unprecedented 15,700% return. The catalyst behind this remarkable feat was donotfomoew (MOEW), an enigmatic memecoin launched on the novel Base blockchain.
According to the blockchain analytics firm Lookonchain, the trader initiated their investment by purchasing a substantial 499.9 million MOEW tokens using four units of Ether (ETH) moments after the coin's listing on decentralized exchanges (DEX). Within an hour, the trader astutely sold 111.65 million MOEW for approximately 99 Ether, netting a substantial $328,000. At press time, the trader holds a remaining balance of 388.24 million MOEW, valued at $1.76 million.
The MOEW meme token, adorned with a whimsical cat motif, emerged as a creation of Bitget Wallet, whose developers initially dismissed it as a playful experiment, stating, "MOEW was just for funsies, nothing too serious, we wanna see what the power of memes can do." However, shortly after its DEX debut, MOEW's value skyrocketed, propelling it to a remarkable market capitalization of $31 million.
In response to the token's surging popularity, Bitget Wallet developers issued a cautionary message, urging users to "do not buy, do not fomo," and clarifying that 50% of MOEW tokens were allocated for liquidity provision, while the remaining 50% were earmarked for airdrop distribution. Bitget Wallet emphasized that it retained no tokens.
The ongoing MOEW airdrop has distributed tokens to over 8,000 addresses, with eligibility granted to users who held sufficient BWB points through the exchange's BWB token airdrop. Over a six-week campaign, users accrued BWB points, redeemable for upcoming BWB tokens in Q2, by maintaining balances in Bitget Wallet or engaging in in-app cross-chain swaps.
The ongoing bull market has been particularly favorable for both established memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB), as well as newly minted memecoins on Solana and Base. Among these, Jeo Boden (BODEN), a Solana-based memecoin satirizing US President Joe Biden, has seen its market capitalization soar past $250 million. Earlier in the week, a Taiwanese music icon's Solana memecoin generated substantial buzz after a $40 million presale.
