Developments in the memecoin projects within the crypto market continue to make headlines. Accordingly, a crypto investor managed to turn $13,000 into over $2 million, a gain of 15,700%, by investing in a new memecoin project called donotfomoew’e (MOEW) presented on the Layer-2 network Base on April 3rd.
Another Investor Becomes a Millionaire
As revealed by blockchain data analytics firm Lookonchain, the investor initially purchased 499.9 million MOEW tokens with an investment of 4 Ethereum just 10 minutes after MOEW tokens were listed on decentralized exchanges (DEX). Less than an hour later, the investor sold 111.65 million MOEW for 99 Ethereum, worth $328,000, and currently holds 388.24 million MOEW valued at $1.76 million as of the time this article was written.
The cat-themed MOEW meme token was introduced to the market early in the day by Bitget Wallet, and its developers stated that MOEW was just for fun, not a serious venture, and they wanted to see what meme culture could achieve. Shortly after being launched on DEXs, the MOEW token gained value and currently has a market cap of $31 million. In response to the price movement, Bitget Wallet developers wrote a follow-up message to users advising not to buy and to avoid FOMO, adding:
“Please remember that 50% of the MOEW token is allocated for adding to the liquidity pool, and the other 50% is reserved for airdrop distribution! Bitget Wallet does not hold any tokens.”
What’s Happening in the Memecoin Space?
During the ongoing airdrop, which is available to users with enough BWB points for the exchange wallet’s BWB token airdrop event, over 8,000 addresses received MOEW tokens. Over a six-week period, users were able to earn BWB points redeemable for upcoming BWB tokens in the second quarter by holding balances in Bitget Wallet or performing in-app cross-chain swaps.
Both old memecoin projects like Dogecoin and Shiba Inu as well as new memecoin projects launched on Solana and Base have gained significant value as part of the ongoing bull market. One such token, a Solana memecoin parody of United States President Joe Biden named Jeo Boden (BODEN), surpassed a market value of $250 million. Earlier in the week, a Solana memecoin project by Taiwanese music celebrity Machi Big Brother saw wild price movements after a $40 million presale.
