Bitget’s wallet team has entered the meme coin hype by issuing MOEW, a token that skyrocketed by over 14,000% within hours of its release. The surge in trading volume reflects the growing popularity of meme coins on the Base network.

MOEW’s Meteoric Rise and Trading Volume

Within a short span, MOEW surged to a $31 million market cap, trading at $0.0028 with a staggering $34 million trading volume. Currently, 11,700 individual wallets hold MOEW, showcasing the token’s rapid adoption among investors.

Bitget’s wallet team expressed their motive for issuing MOEW as “just for funsies,” emphasizing their curiosity about the potential of memes in the crypto market. This light-hearted approach highlights the experimental nature of meme coins.

Base Network: A Rising Hub for Meme Coin Traders

Base network is swiftly emerging as a prominent venue for meme coin traders, aiming to rival Solana in hosting meme coin activities during this bull market cycle. Brett (BRETT), another meme coin on Base, surged by 89% in the past week, demonstrating the platform’s traction.

Volatility and Risk of Meme Coins

While meme coins like MOEW and BRETT experience rapid growth, they inherently carry high volatility and risk due to their lack of underlying value or utility. Despite the potential for significant gains, many meme coins have faced failure or rug pulls, underscoring the speculative nature of these assets.

Bitget’s foray into the meme coin realm with the issuance of MOEW reflects the industry’s playful experimentation with cryptocurrency. As the Base network gains traction as a hub for meme coin trading, investors navigate the volatile landscape of meme coins with caution, aware of both the potential gains and risks involved.