The memecoin Donotfomoew (MOEW Token), issued by Bitget Wallet, surged over 14,000%, reaching a market capitalization of 31 million USD within hours of its launch on the Base network. According to Basescan, 11,700 individual wallets currently hold MOEW tokens.
Bitget Wallet created MOEW with the statement that the token is solely for entertainment and "to see what the power of memes can do." However, shortly after its debut on DEX platforms, MOEW saw a significant increase in value, now boasting a market capitalization of over 31 million USD.
One trader earned 2 million USD from an initial investment of 13,000 USD after trading MOEW. According to the blockchain analytics company Lookonchain, the trader purchased 499.9 million MOEW tokens for 4 ETH just 10 minutes after MOEW was listed on decentralized exchanges (DEXs).
Within about an hour, the trader sold 111.65 million MOEW tokens for 99 ETH (328,000 USD) and continued to hold 388.24 million MOEW tokens, valued at approximately 1.76 million USD.
Amid MOEW's rapid surge, Bitget Wallet continues to announce: "Please note that 50% of MOEW is reserved for LP supplementation (permanently locked), and the remaining 50% is allocated for airdrop distribution! Bitget Wallet does not hold any tokens."
Key details of the MOEW token as disclosed by Bitget:
- Ticker: MOEW
- Chain: Base
- Total supply: 10,000,000,000 MOEW
The memecoin wave on Solana continues with Jeo Boden (BODEN) – a memecoin related to President Joe Biden. BODEN token surpasses the 250 million USD market capitalization mark.
Base has quickly become a focal point for memecoin traders following the frenzy on Solana. The largest memecoin on Base, Brett (BRETT), recorded an 89% increase in the past week. MOEW receives double the volume that Brett achieved.
While offering attractive profits to traders, memecoins are known for their high volatility. Some memecoins, like WIF, reach market capitalizations exceeding 1 billion USD, but many projects lose all value amidst rampant scams.