PEPE meme coin’s market cap exceeds $200 million within 48 hours after its fork
PORK, a cryptocurrency inspired by the popular Pepe the Frog meme, experienced an impressive surge of over 450% in less than 48 hours. Shortly after its launch, the market capitalization of PepeFork (PORK) reached $200 million, making it the ninth largest meme coin in the crypto market, surpassing Baby Doge Coin. PORK was introduced on the Uniswap platform, paired with wrapped Ether (WETH), and is also available for trading on MEXC.
PORK is a spin-off of PEPE, an Ethereum-based meme token that currently holds the fifth position among meme coins with a market capitalization of $380 million. PEPE gained significant popularity during the meme frenzy that occurred in the first half of 2023, during which many cryptocurrency speculators saw their investments multiply by hundreds or even thousands of times.
During this period, there was also a wave of rug pulls and scam tokens, as some traders chased exorbitant returns on alternative cryptocurrencies. PORK’s market capitalization can be seen in the graph provided by dexscreener.
According to Dexscreener and Etherscan, PORK has a total supply of 420 trillion tokens, with the top 10 holders controlling over 15% of that supply. Interestingly, all of these 10 addresses were created within the past two days and held between $30 to $200 worth of ETH, possibly to cover gas fees and on-chain swaps. At the time of writing, these newly created wallets exclusively held PORK and ETH tokens. The deployer wallet, which is responsible for the token’s deployment, also holds more than 20% of the total supply. These wallets combined hold a value of at least $70 million in PORK tokens, including unrealized gains.
Members of the PEPE community have expressed doubts and skepticism about the new meme coin, particularly due to its promotion by a pseudonymous individual known as Pauly0x. Supporters of PEPE have accused Pauly0x of engaging in Ponzi schemes and creating empty cryptocurrencies to profit from popular narratives. However, Pauly0x claims that it is actually the PEPE developers who are the scammers and that his project is a legitimate part of the Pond ecosystem. Pond is a decentralized finance (defi) concept created by Pauly0x and other cryptocurrencies, some of which have experienced significant declines in value and are now trading at very low prices on decentralized exchanges.
Only time will tell if PORK will surpass its predecessor PEPE and become one of the top three meme coins, with a thriving ecosystem supported by meme culture and high liquidity. Currently, the token has around $12 million in unlocked liquidity, leading to a fully diluted valuation of $202 million.
It is important to exercise caution when trading meme coins, as they can be highly volatile and experience sharp price movements. Additionally, developers may withdraw liquidity, causing further disruptions in the market.
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