PORK, a pink Pepe-The-Frog-themed memecoin spin-off of PEPE, surged over 450% in less than two days.
At a $200 million market capitalization hours following its debut, PepeFork (PORK) sat above Baby Doge Coin as the ninth largest memecoin in crypto. FORK launched on Uniswap in a pool paired with wrapped Ether (WETH) and is also tradable on MEXC.
PORK is an offshoot crypto from some in the community around viral Ethereum-based meme token PEPE, the fifth largest memecoin at a $380 million market cap. PEPE was a main character during the meme frenzy in the first half of 2023, where crypto speculators turned into overnight millionaires from a few bucks in initial capital.
The period was also awash with streams of rug pulls and scam tokens as some traders chased 100 to 1,000 times returns on these altcoins.
According to Dexscreener and Etherscan, PORK has a 420 trillion supply; the top 10 holders command over 15% of that number. All of these 10 addresses were no more than two days old when they received PORK tokens, and they all held $30 to $200 in ETH, possibly for gas fees and on-chain swaps.
These new wallets exclusively owned PORK and ETH coins at press time. The deployer wallet also holds over 20% of the supply. The wallets showed at least $70 million in value and unrealized gains.
Members of the PEPE community threw aspersions on the new memecoin, predominantly promoted by a pseudonymous crypto participant known as Pauly0x. PEPE backers accused the figure of operating Ponzi schemes and spinning hollow cryptocurrencies out of hot narratives for profit.
Pauly0x alleges that PEPE developers are the true scammers and that his project is a legitimate effort as part of the Pond ecosystem. Pond is another defi idea founded by Pauly0x and several other cryptocurrencies. Some cryptos have seemingly crashed and traded for pennies on decentralized exchanges.
It remains to be seen if PORK will outshine its predecessor PEPE and become a top three memecoin, boasting liquidity and a thriving ecosystem supported by meme culture. The token has around $12 million in unlocked liquidity with a $202 million fully diluted valuation.
Cautioned is advised when trading memecoins as these tokens may face massive volatility and sharp price movements, or devs may withdraw liquidity.