Memecoin Mania: Trader’s $13K Turns into $2M

A crypto trader has experienced a massive gain in their investment by turning $13,000 into over $2 million. This represents a staggering increase of 15,700%. The trader achieved this impressive feat by investing in a memecoin called donotfomoew (MOEW), which was minted on the Base blockchain. According to Lookonchain, a blockchain analytics firm, the trader bought 499.9 million MOEW just 10 minutes after the tokens were listed on decentralized exchanges (DEX).

Soon after purchasing the tokens, the trader sold 111.65 million MOEW for 99 Ether, equivalent to $328,000. The trader currently holds 388.24 million MOEW, which is worth $1.76 million at the time of writing. MOEW is a cat-themed memecoin that was created by Bitget Wallet as a fun experiment to explore the power of memes. The token gained significant value after its debut on DEXs and now has a market cap of $31 million.

In response to the sudden surge in price, the developers of Bitget Wallet advised users not to buy or get caught up in the fear of missing out. They also clarified that 50% of the MOEW tokens are permanently locked for LP addition, while the other 50% are allocated for airdrop distribution. Bitget Wallet assures users that they do not hold any tokens themselves. More than 8,000 addresses received MOEW tokens during the ongoing airdrop, which was available to users who held enough BWB points for the exchange wallet’s BWB token airdrop.

Both established memecoins like Dogecoin and Shiba Inu, and newly created memecoins on Solana and Base, have seen significant increases in value during the current bullish market. For example, Jeo Boden (BODEN), a Solana memecoin parodying President Joe Biden, has surpassed a market cap of $250 million. Machi Big Brother’s Solana memecoin experienced volatile price action after a $40 million presale earlier in the week.

This crypto trader’s success story serves as another example of the potential for substantial returns in the cryptocurrency market, particularly in meme tokens. Investing in these tokens can be highly risky, as their value is often driven by hype and speculation. For those who get in at the right time, the rewards can be astronomical. It will be interesting to see how the market continues to evolve and if more investors will experience similar gains in the future.