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In an astonishing rally, PORK, a memecoin inspired by the pink Pepe the Frog theme and spun off from PEPE, experienced a surge of over 450% in less than forty-eight hours.
Rise to Prominence
Within hours of its launch, PepeFork (PORK) attained a market capitalization of $200 million, elevating it above Baby Doge Coin to claim the position of the ninth largest meme coin in the crypto sphere. PORK debuted on Uniswap, paired with wrapped Ether (WETH) in a pool, and is also available for trading on MEXC.
PORK emerges as a derivative cryptocurrency from a segment of the community associated with the Ethereum-based meme token PEPE, which holds the position of the fifth largest memecoin with a market cap of $380 million. PEPE gained prominence during the meme frenzy of the first half of 2023, catapulting crypto speculators into overnight millionaires from modest initial investments.
Market Dynamics and Community Reaction
However, this period also witnessed a surge in scams as traders chased astronomical returns ranging from 100 to 1,000 times on these alternative coins.
Dexscreener and Etherscan data reveal that PORK boasts a supply of 420 trillion tokens, with the top 10 holders controlling over 15% of this total. Notably, all these addresses were created no more than two days before receiving PORK tokens, holding between $30 to $200 in ETH, ostensibly for gas fees and on-chain swaps.
According to Crypto News, PEPE community members cast skepticism on the new memecoin, primarily promoted by a pseudonymous crypto figure known as Pauly0x. Allegations were leveled against Pauly0x, accusing him of orchestrating Ponzi schemes and creating superficial cryptocurrencies to capitalize on trending narratives for personal gain.
According to Analytics Insight, in defense, Pauly0x contends that PEPE developers are the actual perpetrators of scams and asserts that his project is a legitimate endeavor within the Pond ecosystem, a decentralized finance (defi) concept initiated by Pauly0x and several other cryptocurrencies.
Outlook and Cautionary Notes
While PORK's meteoric rise prompts speculation about its potential to overshadow its predecessor PEPE and ascend to a top-tier meme coin status, caution is advised in trading meme coins due to their susceptibility to significant volatility and sudden price fluctuations or the potential for developers to withdraw liquidity.
As PORK boasts approximately $12 million in unlocked liquidity and a fully diluted valuation of $202 million, its trajectory remains uncertain amidst the dynamic landscape of meme culture and cryptocurrency markets.
Photo: Austin Distel/Unsplash
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