PORK, a pink Pepe-The-Frog themed memecoin derived from PEPE, soared more than 450% in less than two days.
PepeFork (PORK) has surpassed Baby Doge Coin as the 9th largest memecoin in the cryptocurrency industry, with a market cap of $200 million since its debut. FORK was launched on the Uniswap pool paired with wrapped Ether (WETH) and is also tradable on MEXC.
PORK is a cryptocurrency derived from part of the community around the Ethereum-based meme token PEPE, which is the fifth-largest memecoin with a market capitalization of $380 million. PEPE was the main character of the meme craze in the first half of 2023. Back then, cryptocurrency speculators turned into millionaires overnight with just a few dollars of initial capital.
This period was rife with lug pulls and scam tokens as some traders sought 100-1,000x returns on these altcoins.
According to Dexscreener and Etherscan, the pork supply is worth 420 trillion won. The top 10 holders account for more than 15% of that number. These 10 addresses all received PORK tokens less than two days ago, and all held between $30 and $200 of ETH. Perhaps for gas fees and on-chain swaps.
This new wallet exclusively owned PORK and ETH coins at the time of press. Distributor wallets also hold over 20% of the supply. The wallet had at least $70 million in value and unrealized profits.
Members of the PEPE community have criticized the new memecoin, mainly promoted by a pseudonymous cryptocurrency participant known as Pauly0x. PEPE backers have accused the figure of running a Ponzi scheme and spinning hollow cryptocurrencies in hot stories for profit.
Pauly0x claims that the PEPE developers are the real 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 cryptocurrencies have seemingly collapsed and been traded for pennies on decentralized exchanges.
It remains to be seen whether PORK will surpass its predecessor PEPE and become one of the top three memecoins, boasting liquidity and a thriving ecosystem supported by meme culture. The token’s unlocked liquidity is approximately $12 million and its fully diluted value is $202 million.
Caution is advised when trading Memecoin as these tokens can face extreme volatility and sharp price swings, or their liquidity may be withdrawn by the developers.