PepeFork ($PORK), a new meme cryptocurrency derived from the popular $PEPE token, has seen its value skyrocket by over 450% in less than two days.
This surge has propelled $PORK to a staggering $200 million market capitalisation. In achieving so, it has surpassed Baby Doge Coin and positioned it as the ninth largest meme coin in the cryptocurrency world.
Launched on Uniswap, $PORK is paired with wrapped Ether (WETH) and is also available for trading on MEXC, which is a centralised exchange that employs a high-performance mega-transaction matching technology.
A closer look at the data from Dexscreener and Etherscan reveals that $PORK has a total supply of 420 trillion, with the top 10 holders controlling over 15% of this supply.
Interestingly, these top addresses are all less than two days old, each holding between $30 to $200 in $ETH, likely for covering transaction fees and on-chain swaps.
At the time of writing, these wallets exclusively contained $PORK and $ETH, with the deployer wallet alone holding more than 20% of the total $PORK supply. These wallets collectively represent at least $70 million in value and unrealised gains.
However, the launch of $PORK has not been without controversy. Members of the original PEPE community have cast doubts on this new entrant, primarily promoted by a pseudonymous crypto figure known as Pauly0x.
Accusations from PEPE supporters suggest Pauly0x has a history of engaging in Ponzi schemes and creating empty cryptocurrencies based on trending narratives for profit.
In defence, Pauly0x has countered these allegations, claiming that the PEPE developers are the actual scammers. He asserts that his project, PORK, is a legitimate venture within the Pond ecosystem, another decentralised finance (DeFi) concept initiated by Pauly0x and collaborators.
However, some of these associated cryptocurrencies have experienced significant downturns, trading for mere pennies on decentralised exchanges.
The future of PORK is shrouded in uncertainty, raising a crucial question: Can it outperform its predecessor PEPE and climb into the ranks of the top three meme coins? This remains a key point of speculation in the cryptocurrency community.
Currently, PORK boasts about $12 million in unlocked liquidity and a fully diluted valuation of $202 million.
Understanding PORK
$PORK emerged from the community surrounding $PEPE, a viral Ethereum-based meme token and the fifth-largest meme coin with a market cap of $380 million.
$PEPE gained prominence during the meme frenzy in the first half of 2023, a period marked by spectacular gains for some crypto speculators and plagued by numerous rug pulls and scam tokens.
This era saw traders chasing astronomical returns, sometimes 100 to 1,000 times their initial investment, on these alternative coins.
PepeFork began its market journey to the highs with a significant pump on Wednesday, recording an approximate 200% increase.
Its market capitalisation quickly reached an impressive $213 million, although its liquidity remains relatively low at $170,000.
According to DEXTools’ security audit, $PORK’s DEXTscore stands at 99/99, but there are three concerning aspects in its token contract.
As the crypto market continues to evolve, the rise of meme coins like $PORK highlights the unpredictable and often speculative nature of this digital asset class.
While offering potential for significant gains, these tokens also carry substantial risks, underscoring the importance of due diligence and cautious investment strategies in the volatile world of cryptocurrency.
