- PORK, a spin-off of PEPE, is receiving significant interest from the crypto space.
- PEPE did not see the same growth during this period.
PEPE [PEPE] was a social media sensation in the crypto space earlier last year. However, as time went on, the hype surrounding PEPE waned, with other coins stealing the spotlight. However, conversations around PEPE have seen a resurgence recently, thanks to PORK.
A big leap
PORK, short for Pepe Fork, is a memecoin created by forking PEPE, courtesy of developer Pauly0x. It took just two days for the new token to reach a market cap of $200 million after launch.
At the time of writing, it had surpassed Baby Doge Coin to become the eighth largest meme coin. PORK made its debut on Uniswap, combined with wrapped Ether (WETH) in a pool, and is now also tradable on several other exchanges.
Source: coingecko
The price of PORK has increased by as much as 13.69% in the last 24 hours. Moreover, the volume it traded on grew by 18.71% over the same period. Many traders have taken advantage of this price movement.
Source: CoinMarketCap
Traders make profits
According to lookonchain’s data, a trader generated a remarkable profit of $3.3 million on PORK in just three days, with an initial investment of just 5 ETH.
The trader quickly identified PORK’s potential and entered the market just 7 minutes into trading, allocating 5 ETH, which amounted to $12,000, to acquire 9.5 trillion PORK tokens.
Following this strategic move, the trader then sold 6.3 trillion PORK for 329 ETH, which amounted to $765,000, and realized an impressive profit of 324 ETH, which amounted to $753,000.
Currently, the trader owned 3.2 trillion pork, worth $2.55 million, with an unrealized profit of the same value.
In just 3 days this trader made €3.3 million $PORK with only 5 $ETH($12K)!😱
This trader noticed it $PORK 7 minutes after trading opened and 5 was issued $ETH($12K) to buy 9.5T $PORK.
He then sold 6.3 tons $PORK for 329 $ETH($765K), making a profit of 324 $ETH($753K).
This trader… pic.twitter.com/IGYS6U0SPU
— Lookonchain (@lookonchain) February 2, 2024
One of the reasons for PORK’s high accumulation is said to be the large number of tokens being burned, which has resulted in greater liquidity for the token.
4 new wallets (Deployer/Insider) issued 12 $ETH($28K) to buy 103.68T $PORK(24.65% of the total supply).
He burned 17.88 tons $PORK($11.77 million) and provided liquidity $PORK.
He currently has 79.46T $PORK($53.3 million) on 18 wallets, with unrealized profits of over $50 million (1800x+)! pic.twitter.com/XGs7NVLEjm
— Lookonchain (@lookonchain) February 2, 2024
Realistic or not, here is the market cap of PEPE in terms of BTC
Despite PORK’s popularity, PEPE didn’t see the same momentum.
Over the past week, the price of PEPE fell by 9.76%, and the total volume at which it was traded fell by 45.91%.
Source: Santiment