Trader Turns 5 ETH into $3.3 Million with PORK Token
A trader has achieved a significant profit by strategically buying and selling the PORK token, turning an initial investment of five Ethereum (ETH) into an impressive $3.3 million. According to analysts at Lookonchain, this massive gain was made possible through a well-timed investment in the recently launched PepeFork (PORK) cryptocurrency.
Initial Investment and Net Gain
The trader initially invested 5 ETH, valued at $12,000, in PORK by purchasing 9.5 trillion tokens shortly after trading commenced. Afterward, the trader sold 6.3 trillion coins back into ETH, resulting in a net gain of 329 ETH tokens valued at $765,000.
In just 3 days, this trader made $3.3M on $PORK with only 5 $ETH($12K)!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.
Profiting Off Memecoins
Buying meme coins at the beginning of their trading and selling them for profits is a popular strategy among crypto participants, despite the associated risks. Another example involves a trader who noticed that Elon Musk had changed his Twitter profile to “(CTO) Chief Troll Officer.” In response, the trader withdrew 4.313 ETH from Binance and invested it in purchasing 19.37 trillion TROLL tokens.
Later, the trader sold 9.37 trillion TROLL tokens for 5.318 ETH, recovering the initial investment. Currently, the trader holds 10 trillion TROLL tokens worth about $1.03 million.
Hot Take: Seizing Opportunities in Memecoins
Opportunities to profit from memecoins can arise from timely investments and market trends. This trader’s success story demonstrates the potential for substantial gains in the crypto space. However, it’s important to note that investing in meme coins carries high risks due to their volatile nature. While some investors have achieved significant profits, others have experienced losses. It’s crucial to thoroughly research and assess each investment opportunity before making any decisions.
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