PepeFork (PORK) is a meme coin project inspired by PEPE. It increased by over 450% in just two days. One trader turned his initial investment of five Ethereum (ETH) into an impressive $3.3 million by strategically buying and selling the PORK token. On-chain analytics platform Lookonchain shared the details of this trade.
Trader invested 5 ETH in PORK and earned millions of dollars!
cryptokoin.comAs you follow from , meme coin projects continue to be popular in the market. A trader initially deposited 5 ETH into PORK, worth $12,000. He purchased 9.5 trillion tokens shortly after trading for the crypto began. Later, trder sold 6.3 trillion tokens back into ETH, making a net gain of 329 ETH tokens worth $765,000. On-chain analytics platform Lookonchain shared the following details about the trader’s transactions:
This investor earned $3.3 million from PORK in just 3 days, with only 5 ETH ($12 thousand)! This trader spotted PORK 7 minutes after it started trading and spent 5 ETH ($12k) to buy 9.5T PORK. Then, he sold 6.3T PORK for 329 ETH ($765 thousand) and made a profit of 324 ETH ($753 thousand). This trader currently has 3.2T PORK ($2.55 million) and $2.55 million in unrealized profits.
Some followers of Lookonchain stated that the success of these transactions could be insider-trading. PepeFork (PORK) is a token inspired by the PEPE meme coin project. PEPE; It has shown to be profitable for many investors in 2023. Described by its developers as a fork of PEPE, PORK is traded on platforms such as Uniswap and MEXC. Meme coin has experienced a significant increase of over 450% in less than two days. Shortly after its launch, it surpassed Baby Dogecoin as the ninth largest meme coin in the crypto space with a market cap of $200 million.
Dexscreener data shows PORK has a total supply of 420 trillion. It also reveals that the top 10 owners control more than 15% of this amount. Notably, it was less than two days ago when all these addresses received PORK tokens. Each potentially held between 30 and 200 ETH for gas fees and on-chain swaps.
Making money from meme coin trading
Buying meme coins at the beginning of trading and then selling them for a profit is a popular strategy among many participants in the crypto community, despite the high risks and potentially high rewards associated.
A recent example involves a trader who noticed that tech billionaire Elon Musk had changed his Twitter profile to “(CTO)Chief Troll Officer.” Thereupon, the investor withdrew 4,313 ETH from Binance, worth approximately $10,113. He used this to purchase 19.37 trillion TROLL tokens for 4.3 ETH. Later, the trader sold 9.37 trillion TROLL tokens for 5,318 ETH. This was equivalent to approximately $12,467. Thus, the trader earned back his initial investment. As of now, the trader holds 10 trillion TROLL tokens. This corresponds to approximately 1.03 million dollars.
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