The introduction of the memecoin MOEW(MOEW) on decentralised exchanges (DEXs) on April 3 sparked an unparalleled frenzy in its value.
Within a remarkably short time frame, a crypto trader managed to turn a $13,000 investment into a staggering $2 million, marking a sensational gain of 15,700%.
This feat was achieved by acquiring 499.9 million MOEW with four Ether (CRYPTO:ETH) and swiftly selling a portion for 99 Ether ($328,000), all within less than an hour of the initial purchase.
Even after the meteoric rise, the trader retained 388.24 million MOEW, valued at $1.76 million, underscoring the whirlwind ascent of this cat-themed memecoin created by Bitget Wallet.
Despite its creators' intentions for amusement, MOEW swiftly attained a market capitalisation of $31 million, prompting developers to caution against further purchases in light of the token's volatile and unpredictable nature.