Home / Analysis / Crypto / Technical Analysis / MOEW Memecoin Launched by Bitget Wallet Offers Community Recognition, Explains COO Alvin Kan

MOEW Memecoin Launched by Bitget Wallet Offers Community Recognition, Explains COO Alvin Kan

Last Updated April 9, 2024 2:56 PM
Valdrin Tahiri
Last Updated April 9, 2024 2:56 PM

Key Takeaways

  • The Bitget Wallet team airdropped the MOEW token on April 3.
  • MOEW has a price of $0.0016 and a market cap of $16,190,000.
  • Why was MOEW launched, and what are its plans moving forward?

On April 3, Crypto Exchange Bitget Wallet announced their entry into memecoins by launching  their own memecoin, MOEW, on Base. Its price surged immediately after listing but has stabilized since.

In an interview with CCN,  Bitget Wallet’s COO Alvin Kan outlined the reasoning behind this launch, its plans moving forward, and how it ties to the memecoin culture.

Why Did Bitget Launch MOEW?

According to Kan, Bitget Wallet has always been interested in memecoins and has seen them as a fascinating cultural phenomenon. He believes that memecoins have a unique ability to grow communities and establish relationships.

Mr. Kan stated that the decision to launch a memecoin was simply an experiment but hopes it will serve as a catalyst for developing the culture and community spirit of memecoins in Bitget.

MOEW was airdropped to users who held over 500 BWB points, which are loyalty points dedicated to users of the Bitget Wallet. Mr. Kan further specified:

 This time, with the launch of the memecoin $MOEW, we have distributed it to holders of BWB points in recognition of their loyal usage of Bitget Wallet, and also to spread the fun of memecoins together. 

MOEW’s trading volume is mainly on decentralized exchanges, as is the case for most new memecoins. It has been very popular since its launch and ranks amongst the trading pairs with the most volume in Base.

While the team has not actively pursued listings on centralized exchanges, MOEW  has already been verified on platforms such as Coingecko.

Mr. Kan further clarified that the main reason for launching MOEW is not a financial one. To hammer this home, MOEW’s slogan is “Do not buy, do not FOMO.” Rather, it is a community-centric token driving value from the experiences it offers the community.

He believes that this is what differentiates MOEW from other memecoins, but he also mentioned that the team hopes to introduce new and innovative ways to further differentiate MOEW from other memecoins.

Why Are Memecoins so Popular?

There is no denying that memecoins have recently surged in popularity. In 2021, only DOGE and SHIB were present in the top 100 biggest cryptocurrencies.

Since then, there have been four newcomers from this category: FLOKI, PEPE, BONK and WIF. The latter two are part of the Solana ecosystem, which is threatening Ethereum’s hegemony in the ecosystem.

In 2024, BNB chain also announced its entry into the memecoin craze through its “Meme Innovation Battle” program. The memecoin narrative is also the best performing one in 2024.

When asked to explain this phenomenon, Kan stated:

“We believe the main reason behind this is a change in industry narratives. Previously, the narrative was dominated by institutions and VCs, who would invest in projects and tokens, driving market demand. The narrative has shifted towards a more community-centric angle. Retail investors are demanding a more equitable investment environment, and memecoins present just that – a market where large institutions and VCs do not have an out-sized influence.” 

The Bitget Wallet COO believes this narrative shift is what drives interest to memecoins. He concluded by saing that the memecoin market “was created by the community, for the community”.

Memecoins Remain a Risky Investment

At first glance memecoins are a fun and lighthearted investment, but there are numerous risks attached to this ecosystem.

Firstly, memecoins do not have a fundamental value, since they do not serve a purpose in a specific blockchain.

Secondly, memecoins are one of the most volatile sectors of the cryptocurrency and are often hit the hardest when the market takes a downturn. This was also evident in MOEW’s 1,600% increase  and subsequent 85% drop the day of its launch.

Finally, due to low levels of liquidity, memecoins can be subject to “pump and dump” schemes, where a group of investors artificially inflate the price of the asset before selling in profit once it reaches a satisfactory level.

Therefore, it is important to keep these risks in mind when deciding to invest on a particular asset.

Memecoin Narrative Still Leading the Pack

As outlined before, Memecoins have been the best-performing narrative of 2024 by far. Since the start of the year, a basket of the six biggest memecoins has increased by nearly 1,500%. In comparison, the second-best performing asset has been AI tokens at 110%, followed by Layer-1 at 57%.

Gaming tokens are at 24%, followed by decentralized finance at 18%. Tokens in the Cosmos ecosystem have a neutral performance since they trade at the same price they were at the beginning of 2024.

The most disappointing basket has been Ethereum betas, which have actually fallen by 10% despite the Ethereum Dencun upgrade greatly reducing transaction fees on Layer-2 solutions.

Memecoin Basket Performance
Custom Daily Chart | Credit: TradingView

To conclude, despite seemingly not having any intrinsic value, the performance of the memecoin narrative is a testament to the power of community-driven projects in the crypto world. Bitget Wallet’s launch of MOEW marks its entry into this ecosystem, offering users a fun community experience.

Was this Article helpful? Yes No