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. 

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Author: Naga Avan-Nomayo

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