YEREVAN (CoinChapter.com) — PepeFork (PORK), the meme token themed around the iconic Pepe the Frog, is surging. In the past 24 hours, the cryptocurrency has surged a whopping 73%, going from $0.0000005289 to $0.0000009198.
In the past few days, PORK’s price has rallied nearly 500%, giving massive returns to early investors. The meteoric rise in its price pushed PORK’s market capitalization to $300 million. It is currently the 9th largest meme token by market capitalization.
At the time of writing, PORK trades at $0.0000007081, according to the portfolio management app CoinStats.
Original PEPE token fans attack PepeFork token
While the launch of PORK has investors rallying behind the next big thing of crypto, not everyone is happy with the development.
Supporters of the original PEPE token were quick to express skepticism about the new coin. They have even accused PORK founder Pauly0x of engaging in Ponzi schemes and creating empty cryptocurrencies based on trending narratives for profit.
In defense, Pauly0x has countered these allegations, claiming that his project is a legitimate venture within the decentralized finance (DeFi) ecosystem he initiated with collaborators.
PORK Token makes a trader a millionaire?
In an extraordinary feat, one trader has already become a millionaire thanks to the recent surge in PORK price.
As LookOnChain reported via an official post on X, the trader turned $12,000 into over $3 million in a matter of days. Through a series of successful trades using 5 Ethereum (ETH) tokens, he spot traded the new meme crypto to massive profits.
“This trader spotted PORK 7 minutes after it opened trading and spent 5 ETH($12K) to buy 9.5T PORK. Then he sold 6.3T PORK for 329 ETH($765K), realizing a profit of 324 ETH($753K). This trader currently has 3.2T PORK($2.55M), with an unrealized profit of $2.55 million”
the data firm wrote.
However, not everyone is ready to buy the new millionaire’s story. Some have already pointed out that the wallet belongs to a PepeFork insider associated with Pauly0x.
Interestingly, while the deployer wallet holds 21% of the supply, the next top 10 wallets hold over 15% of the 420 trillion PORK supply.
When they received their tokens, they were just two days old. This has given fuel to the speculations that they belong to PepeFork insiders.
The fact that they only hold ETH tokens besides PORK also adds substance to the speculations. The Ethereum token, as some have pointed out, is to pay gas fees to execute transactions.
