- Bitget wallet released a meme coin last week called donotfomoew, repeatedly telling investors that it’s a bad idea to purchase the digital currency.
- Contrary to the developer’s assurances, it was actually an incredibly GOOD idea to buy the coin – at least for one lucky holder.
- An anonymous wallet purchased 4ETH (USD $13K) worth of the meme coin, only for their holdings to explode into the millions within an hour.
Be honest. No matter how “mature” and “risk-averse” of a crypto trader you are, if you’ve ever invested in the digital currencies a little piece of you has dreamed of becoming an overnight millionaire. Every time you reasonably dollar-cost average a sensible amount of money into Bitcoin, the devil on your shoulder is saying “just chuck your life savings into a meme coin.” And most of the time, letting those intrusive thoughts win ends badly – just ask Anakin Skywalker in Revenge of the Sith. But sometimes…just sometimes…it’s good to be bad.
Related: Trader Updates Outlook on Altcoin That’s Exploded Over 1,000% Year-to-Date, Maps Path Forward for Bitcoin
The Token Does Nothing!!! Nothing!!!
The story begins with BitGet Wallet releasing their latest project – Donotfomoew (MOEW)– a meme coin that literally tells its buyers to NOT FOMO invest. In their announcement of the coin, BitGet explicitly states that the project does nothing and is purely a test to examine “the power of memecoins”.
Well, apparently meme coins are akin to conducting alchemy, because they can turn basically anything into gold (or millions). A smart (or lucky…) trader was one of the first to cash in on the new coin, swapping out 4 ETH – valued at around USD $13K – for 388 million MOEW.
Within an hour, that USD $13K (AUD $19.7K) had exploded in value to an absurd USD $1.76M (AUD $2.67M). Unlike many who have shared this situation in the past, this particular trader didn’t get greedy and sold most of his MOEW, taking some (but not all) of his 15,700% gains to the bank.
BitGet, upon hearing the news, doubled-down on their message telling investors NOT to buy the coin…which at this point seems like targeted reverse psychology.
Get the most important crypto news delivered to your inbox by subscribing to the CNA newsletter
Credit: Source link
