A cryptocurrency trader transformed an investment of $13,000 into more than $2 million, making a 15,700% gain in a single day by trading a new memecoin named Donotfomoew MOEW/USD. This token was recently released on the Base blockchain platform.
What Happened: According to Lookonchain, a blockchain analytics firm, the trader acquired approximately 499.9 million MOEW for 4 Ethereum ETH/USD only ten minutes after MOEW was made available on decentralized exchanges (DEXs).
Within the same hour, the trader capitalized on the token’s surging value, offloading 111.65 million MOEW for 99 ETH, equivalent to $328,000, while still holding onto 388.24 million MOEW, assessed at $1.76 million at the time of reporting.
See More: Best Cryptocurrency Scanners
Why It Matters: Earlier that day, MOEW was launched by Bitget Wallet.”just for funsies, nothing too serious, we wanna see what the power of memes can do,” the Bitget Team said.
MOEW saw its value escalate quickly after hitting DEXs, attaining a market cap of $31 million.
However, Bitget Wallet cautioned potential buyers against being swept up in the excitement with a warning message, “Do not buy, do not fomo,” and clarified the token’s allocation: "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."
The ongoing airdrop has already reached more than 8,000 addresses, rewarding users with MOEW tokens. These users had previously accumulated BWB points through the Bitget Wallet.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
