PORK, a pink PEPE-derived memecoin with the theme of Pepe-The-Frog, surged more than 450% in less than two days.
With a market capitalization of $200 million hours after its debut, PepeFork (PORK) rose above Baby Doge Coin as the ninth largest memecoin in crypto. FORK was launched on Uniswap in a pool combined with Wrapped Ether (WETH) and can also be traded on MEXC.
PORK is a crypto derived from some community members around the Ethereum-based viral meme token PEPE, the fifth largest memecoin with a market capitalization of $380 million. PEPE was a main character during the meme frenzy in the first half of 2023, where crypto speculators became millionaires overnight with a few dollars of startup capital.
The period was also awash with streams of rug-pulling and scam tokens, as some traders chased 100- to 1,000-fold returns on these altcoins.
According to Dexscreener and Etherscan, PORK has a supply of 420 billion; the top 10 holders control more than 15% of that number. All of these 10 addresses were no more than two days old when they received PORK tokens, and they all had between $30 and $200 worth of ETH, possibly for gas fees and on-chain swaps.
These new wallets were the exclusive property of PORK and ETH coins at the time of publication. The deployment wallet also contains more than 20% of the supply. The portfolios showed at least $70 million in value and unrealized gains.
Members of the PEPE community launched slander in the new memecoin, predominantly promoted by a pseudonymous crypto participant known as Pauly0x. PEPE supporters accused the figure of operating Ponzi schemes and manufacturing hollow cryptocurrencies from hot narratives for profit.
Pauly0x alleges that the PEPE developers are the real scammers and that their 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 apparently crashed and were trading for pennies on decentralized exchanges.
It remains to be seen whether PORK will eclipse its predecessor PEPE and become one of the top three memecoins, with liquidity and a thriving ecosystem supported by meme culture. The token has around $12 million in unlocked liquidity with a fully diluted valuation of $202 million.
Caution is advised when trading memecoins, as these tokens may face massive volatility and wild price movements, or developers may withdraw liquidity.
