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: 

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

More than 8,000 addresses received MOEW tokens during the ongoing airdrop, which is eligible for users who held enough BWB points for the exchange wallet’s BWB token airdrop. Over a six-week period, users could earn BWB points, which are swappable for upcoming BWB tokens in Q2, by holding balances in Bitget Wallet or performing in-app cross-chain swaps.

Both old memecoins, such as Dogecoin (DOGE) and Shiba Inu (SHIB), and newly minted memecoins on Solana and Base, have surged significantly in value as part of the ongoing bull market. One such token, Jeo Boden (BODEN), a Solana memecoin parody of United States President Joe Biden, has surpassed $250 million in market cap. Earlier in the week, Taiwanese music celebrity Machi Big Brother’s Solana memecoin saw wild price action after a $40 million presale.

Related: Meet the Solana memecoin that suffered two rug pulls but still survived