Trader Makes $3.3 Million on PORK As Memecoins Print More Millionaires
One trader made over $3 Million in profits from buying PORK early after the token surged almost 500%. It continues the trend of early memecoin traders making massive profits.
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Memecoins continue their history of turning traders into millionaires with PORK, helping one trader turn $12,000 into $3.3 million. The meme coin launched only three days ago and has seen almost a 500% increase in value since its launch.
However, it witnessed a price correction today, reversing some of its gains. It is now down almost 30% today. The drop is unlikely to deter more investors from putting funds into meme coins, as many hope for their windfall.
Trader Turns 5 ETH into $3.3 Million
One trader has successfully turned an initial 5 ETH investment in PORK into $3.3 million. Lookonchain reported the trader spent the ETH worth $12,000 to buy 9.5 trillion PORK tokens a few minutes after trading commenced.
They later traded 6.3 trillion PORK tokens after three days for 329 ETH worth $765,000. The address still holds 3.2 trillion PORK, valued at $2.55 million.
However, the trading has attracted speculation that it might be an insider. This is mostly because the trader bought the memecoin only 7 minutes after its launch. Instances of early purchasers cashing out big bucks have become rampant in recent months.
What is Pepe Fork $PORK?
PORK is a memecoin inspired by the original PEPE token launched in 2023. The Ethereum-based meme coin has already been listed on MEXC. In the last 24 hours, it reported over $88 million in trading volume.
Like most meme coins, PORK has elements that reference popular memes. It has a supply of 420.69 trillion. Dexscreener data shows that the top ten holders control 41% of the total supply.
Interestingly, all the top ten addresses were newly created and were less than two days old when they received PORK tokens. This further lends to the theory that inside traders might be behind the massive profits on the memecoins.
Meanwhile, PORK's fully diluted market cap surpassed $200 million. But it has fallen below that level with its recent price drops.
Can the Memecoin Frenzy Continue?
PORK only represents one of the several memecoins that have made early buyers millionaires. Other tokens, such as CTO, WEN, JUP, and TROLL, have also seen a surge in value when launched. This has allowed early buyers to sell off and make handsome profits.
If the crypto bull run continues, there will likely be more meme coins in the coming months. The prevalence of memecoins is generally one of the signs of positive sentiments in the crypto market.
However, the long term value of these memecoins is in doubt. In most cases, the memecoin quickly runs out of steam as the next shiny thing comes around. This might be the case for PORK too. Hence, doing your own research before buying any memecoin is important.
