A trader has reportedly turned an initial investment of five Ethereum (ETH) into an impressive $3.3 million by strategically buying and selling the PORK token.
The massive gain was accomplished through a well-timed investment in the recently launched PepeFork (PORK) cryptocurrency, according to analysts by Lookonchain.
The trader initially invested 5 ETH, valued at $12,000, in PORK, purchasing 9.5 trillion tokens shortly after the commencement of trading for the crypto. Subsequently, the trader sold 6.3 trillion coins back into ETH, resulting in a net gain of 329 ETH tokens valued at $765,000.
After the transaction, the trader retained 3.2 trillion PORK, which was estimated to be worth around $2.55 million. Some followers of Lookonchain speculated that the success of these trades might be attributed to insider information.
PepeFork (PORK) is a meme coin inspired by the PEPE meme token cryptocurrency project, which proved profitable for many investors in 2023. Described as a fork of PEPE by its developers, PORK is traded on platforms like Uniswap and MEXC.
The meme coin experienced a remarkable surge of over 450% in less than two days on Wednesday, placing it above Baby Dogecoin as the ninth largest meme coin in the crypto space, with a market capitalization of $200 million shortly after its debut.
Dexscreener data reveals that PORK has a total supply of 420 trillion, with the top 10 holders controlling over 15% of that amount.
Notably, all these addresses were less than two days old when they received PORK tokens, and they each held $30 to $200 in ETH, potentially for gas fees and on-chain swaps.
Buying meme coins at the start of their trading and then selling for profits is a popular strategy among many participants in the crypto community despite the associated high risks and potentially high rewards.
A recent example involves a trader who noticed that tech billionaire Elon Musk had changed his Twitter profile to “(CTO) Chief Troll Officer.” In response to this, the trader withdrew 4.313 ETH, valued at around $10,113, from Binance and invested it in purchasing 19.37 trillion TROLL tokens for 4.3 ETH.
Subsequently, the trader sold 9.37 trillion TROLL tokens for 5.318 ETH, equivalent to approximately $12,467, thereby recovering the initial investment. As of now, the trader holds 10 trillion TROLL tokens, estimated to be worth about $1.03 million.