Following an initial investment of $13,000, a cryptocurrency trader was able to generate a profit of $2 million, which is equivalent to a gain of 15,700%.
This exceptional return was accomplished by the trader through the buying and selling of a memecoin known as Donotfomoew (MOEW), which was issued on the Base blockchain.
Just ten minutes after the coin was launched on decentralized exchanges (DEXs), the trader with the wallet '0x74C' made a purchase of 499.9 million MOEW, which is comparable to four Ether (ETH), as reported by the blockchain analytics firm Lookonchain.
Over the course of one hour, the trader was able to sell 111.65 million MOEW for 99 ETH, which is equivalent to $328,000. The remaining MOEW assets that '0x74C' had sold have since been liquidated, allowing them to cash in on the gains.
The MOEW meme token, which is based on cats, was presented by Bitget Wallet. The company underlined that the memecoin was developed solely for the purpose of investigating the possibilities of memes inside the network. MOEW, on the other hand, had a rise in value not long after it was introduced on DEXs, reaching a market cap high of $53 million immediately after its debut.
As a response to the increase in price, Bitget Wallet issued a warning to its users, advising them not to make any purchases. The wallet explained that fifty percent of MOEW is reserved for the addition of LP (permanent lock), while the remaining fifty percent is reserved for airdrop distribution. The users of Bitget Wallet were given the assurance that they would not keep any tokens.
MOEW tokens have been distributed to over 8,000 addresses as a result of the ongoing airdrop. These tokens are accessible to anyone who have accumulated a sufficient number of BWB points for the BWB token airdrop that is being offered by the exchange wallet.
Over the course of a period of six weeks, users were able to accumulate BWB points by either keeping their balances in Bitget Wallet or by engaging in in-app cross-chain swaps. They are able to be traded in for the forthcoming BWB tokens in the second quarter.
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