A crypto trader managed to profit $2 million from an initial investment of $13,000, representing a gain of 15,700%. The trader achieved this remarkable return by trading in a memecoin called Donotfomoew (MOEW), minted on the Base blockchain.
According to blockchain analytics firm Lookonchain, the trader with the wallet ‘0x74C’ purchased 499.9 million MOEW, equivalent to 4 Ether (ETH), just 10 minutes after the coin was listed on decentralized exchanges (DEXs). Within an hour, the trader sold 111.65 million MOEW for 99 ETH, valuing at $328,000. ‘0x74C’ has since sold the remaining of their MOEW holdings, cashing in the gains.
The cat-themed MOEW meme token was introduced by Bitget Wallet, which emphasized that the memecoin was created purely to explore the potential of memes. However, shortly after its debut on DEXs, MOEW experienced a surge in value, reaching a market cap high of $53 million. In response to the price surge, Bitget Wallet cautioned users against buying, stating that 50% of MOEW is allocated for LP addition (permanent lock), while the other 50% is set aside for airdrop distribution. Bitget Wallet assured users that they do not retain any tokens.
More than 8,000 addresses have received MOEW tokens through the ongoing airdrop, which is available to users who held sufficient BWB points for the exchange wallet’s BWB token airdrop. Users earned BWB points over a six-week period by maintaining balances in Bitget Wallet or conducting in-app cross-chain swaps. These points can be exchanged for upcoming BWB tokens in Q2.