- PORK, a spin-off of PEPE, amasses large interest from the crypto space.
- PEPE failed to see the same growth during this period.
PEPE [PEPE] was a social media sensation in the crypto space earlier last year. However, as time passed, the hype around PEPE dwindled, with other coins coming in to steal the limelight. However, conversations around PEPE have seen an uptick recently, owing to PORK.
A big jump
PORK, short for Pepe Fork, is a memecoin created by forking PEPE, courtesy of the developer Pauly0x. It took only two days for the new token to achieve a market capitalization of $200 million after its launch.
At press time, it had surpassed Baby Doge Coin and became the eighth largest meme coin. PORK made its debut on Uniswap, paired with wrapped Ether (WETH) in a pool, and is now also tradable on various other exchanges .
Source: coingecko
The price of PORK grew by a massive 13.69% in the last 24 hours. Moreover, the volume at which it had been trading also grew by 18.71% during the same period. Many traders have taken advantage of this price movement.
Source: CoinMarketCap
Traders make gains
As per lookonchain’s data, a trader generated a remarkable $3.3 million profit on PORK within just three days, leveraging an initial investment of only 5 ETH.
Swiftly identifying PORK’s potential, the trader entered the market a mere 7 minutes after its trading commencement, allocating 5 ETH which amounted to $12,000 to acquire 9.5 trillion PORK tokens.
Following this strategic move, the trader subsequently sold 6.3 trillion PORK for 329 ETH which amounted to $765,000, realizing an impressive profit of 324 ETH which amounted to $753,000.
Presently, the trader held 3.2 trillion PORK, valued at $2.55 million, with an unrealized profit of the same value.
In just 3 days, this trader made $3.3M on $PORK with only 5 $ETH($12K)!?
This trader spotted $PORK 7 minutes after it opened trading and spent 5 $ETH($12K) to buy 9.5T $PORK.
Then he sold 6.3T $PORK for 329 $ETH($765K), realizing a profit of 324 $ETH($753K).
This trader… pic.twitter.com/IGYS6U0SPU
— Lookonchain (@lookonchain) February 2, 2024
One of the reasons for the high accumulation of PORK would be the large number of tokens being burnt which has resulted in increased liquidity for the token.
4 fresh wallets(Deployer/Insider) spent 12 $ETH($28K) to buy 103.68T $PORK( 24.65% of the total supply).
He burned 17.88T $PORK($11.77M) and provided liquidity for $PORK.
He currently has 79.46T $PORK($53.3M) on 18 wallets, with an unrealized profit of more than $50M(1800x+)! pic.twitter.com/XGs7NVLEjm
— Lookonchain (@lookonchain) February 2, 2024
Realistic or not, here’s PEPE’s market cap in BTC’s terms
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 overall volume at which it was being traded at fell by 45.91%.
Source: Santiment
