- A trader has made millions of dollars on a new meme coin.
- The trader reportedly took a strategic position following the tokenโs launch.
- Some users cast doubt on the traderโs โstrategy.โ
A crypto trader has made millions from the PepeFork (PORK) token with an initial investment of 5 ETH (about $12,000).
Inspired by the viral Ethereum-based meme token PEPE, PORK surged over 450% in two days to become the ninth largest meme coin in crypto, with a market capitalization of $200 million.
Trader Makes $3.3M on PORK
According to a February 2 update by Lookonchain analysts on X (Twitter), a market participant leveraged an ingenious trading strategy to earn $3.3 million on PORK within 72 hours.
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The trader reportedly opened his position with 5 ETH and spent it to buy 9.5 trillion PORK. Per Dexscreener data, PORK has a total supply of 420 trillion, with 10 wallet addresses controlling over 15% of the amount.
The trader then sold 6.3 trillion PORK in exchange for 329 ETH (about $765,000), earning a net profit of 324 ETH, valued at approximately $753,000. Following the transaction, the trader remained with 3.2 trillion PORK, valued at around $2.55 million.
While Lookonchain analysts claimed the trader โspotted PORK 7 minutes after it opened trading,โ some X users expressed doubt, implying that the market participant could have been an โinsider.โ
As of writing, PORK was in numerous decentralized exchanges under various pairs, including PORK/WETH and PNDC/PORK on Uniswap and USDC/PORK on DODO. The token was up 16.77% within the last 24 hours, with a trading volume of $80.42 million.
Read how another trader earned millions from the SatoshiVM token launch:
Trader Earns $6.77M from SatoshiVM (SAVM) Token Launch
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