Home Coin news Crypto Trader Turns $13,000 into $2 Million In 1 Hour

Crypto Trader Turns $13,000 into $2 Million In 1 Hour

04 Apr, 2024 Coin news

Crypto Trader Turns $13,000 into $2 Million In 1 Hour

On April 3, a cryptocurrency trader managed to transform an initial investment of $13,000 into over $2 million, marking a staggering 15,700% increase, by capitalizing on the newly released memecoin Donotfomoew (MOEW) on the Base blockchain.

Blockchain analytics company Lookonchain reported that this trader bought approximately 499.9 million MOEW tokens with 4 Ether just ten minutes following MOEW's introduction on decentralized exchanges (DEXs).

Within an hour, the trader sold 111.65 million MOEW for 99 ETH, equivalent to $328,000, and retained 388.24 million MOEW valued at $1.76 million at the reporting time.

The cat-themed MOEW token, introduced by Bitget Wallet on the same day, was launched with the intent of exploring the influence of meme culture in the crypto space, as Bitget Wallet playfully noted MOEW was created "just for funsies, nothing too serious, we wanna see what the power of memes can do."

Despite this casual approach, MOEW's value skyrocketed shortly after hitting the DEXs, reaching a market capitalization of $31 million.

Bitget Wallet cautioned potential buyers with a message, “Do not buy, do not fomo,” further explaining:

“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 seen over 8,000 addresses receive MOEW tokens, targeting users who accumulated sufficient BWB points through the exchange wallet’s BWB token airdrop scheme.

Over a period of six weeks, users had the opportunity to gather BWB points, redeemable for future BWB tokens in the second quarter, by maintaining balances in the Bitget Wallet or through in-app cross-chain transactions.

This bull market has witnessed a remarkable appreciation in the value of both established memecoins like Dogecoin and Shiba Inu, as well as new entries from the Solana and Base blockchains.

Among these, the Solana-based memecoin Jeo Boden (BODEN), a humorous take on U.S. President Joe Biden, has reached a market cap exceeding $250 million.

Additionally, a memecoin associated with Taiwanese celebrity Machi Big Brother on Solana experienced significant trading activity following a $40 million presale earlier in the week.

Sources:

https://cointelegraph.com/news/trader-turns-13k-2-million-within-1-hour-memecoin-frenzy

https://twitter.com/lookonchain/status/1775507347034734871

https://basescan.org/token/0x15ac90165f8b45a80534228bdcb124a011f62fee?a=0x74cc705db12dba505c9ab493bf326fc01b8f42e9

https://twitter.com/BitgetWallet/status/1775490493297930631

https://twitter.com/BitgetWallet/status/1775509529058517276

https://twitter.com/BitgetWallet/status/1775515962760126498

https://twitter.com/BitgetWallet/status/1775509529058517276

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