Bitget’s memecoin MOEW shots up 14,000% with $31M marketcap

A meme coin launched by Bitget’s crypto wallet arm saw a dramatic surge, soaring over 14,000% to reach a market valuation of $31 million just hours after its release.

Named MOEW and issued on the Base network, the token is currently trading at $0.0028, propelled by $34 million in trading volume, according to CoinMarketCap data. Additionally, 11,700 individual wallets hold MOEW, as per data from Basescan.

The Bitget wallet team described the launch on X as “Just for funsies, nothing too serious. We wanna see what the power of memes can do,” signaling a light-hearted approach to the project. Base network is quickly becoming a popular platform for meme coin fans, challenging Solana’s dominance in the meme coin market during this bullish cycle.

The most successful meme coin on Base prior to MOEW’s launch was Brett (BRETT), inspired by a character from Matt Furie’s “Boy’s Club” comic. Brett’s value has risen by 89% in the last week. Interestingly, MOEW has already doubled Brett’s trading volume within 24 hours of its release.

Meme coins are inherently volatile digital assets with no intrinsic value or utility. While several meme coins, such as WIF, have reached market capitalizations exceeding $1 billion in the past year, many have dwindled to nothing, victims of the cryptocurrency market’s notorious rug pulls.

Earlier in February, Bitget unveiled insights from a recent study on the behavior of custodial wallet users, revealing some interesting trends and shifts in the crypto economy.

Launched in collaboration with digital asset custody providers, Bitget’s third-party custodial accounts saw a 250% increase in assets over the past four months. This specific period had been marked by the anticipation and subsequent approval of BTC ETFs in the United States.

The research indicates a nearly twofold increase in custodial accounts since November 2023, with 43% of these accounts being used by short-term interest holders for repeated deposits. Additionally, 77% of all custodial accounts are engaged in short-term financial strategies, the study shows.

The study further reveals that short-term storage remains the primary reason for users to opt for custodial wallets, with these users showing heightened activity levels and typically maintaining balances over $100,000 for periods shorter than three months.

Bitget continues to offer deep insights into the digital asset landscape through its continuous publication of similar studies.

Bitget has been scaling its global reach, recently registering as a Virtual Asset Service Provider (VASP) in Poland and securing similar approval in Lithuania. The Singaporean centralized platform, which debuted in 2018, is a diverse crypto exchange that supports spot and futures trading, copy trading, farming and staking services.

Bitget also acts as Juventus official partner and official cryptocurrency exchange partner, and its first-ever sleeve partner. The cryptocurrency derivatives exchange reportedly has 1.6 million registered users in 48 countries and regions including UK, France, Italy, South Korea, Japan, and Russia.