The memecoin ecosystem has seen the emergence of another Ethereum-based millionaire with PORK being the featured token this time around.
Making millions from memecoins is not an unusual trend as certain traders typically buy in early into some of the tokens that eventually turn out prosperous.
According to a recent insight from the crypto analytics platform Lookonchain, a trader just turned 5 ETH worth approximately $12,000 into $3.3 million trading PepeFork (PORK).
Despite initial withdrawals, the trader still has trillions of PORK with a cumulative market value running into millions.
The PORK Strategy Adopted
One intriguing trend observed with these memecoin traders is that they spot the tokens earlier than the majority of traders. This PORK trader, according to Lookonchain, spotted the token three days ago, about 7 minutes after it went live for trading.
This trader placed a big bet on the memecoin by investing a total of $12,000 to buy a total of 9.5 trillion PORK.
He has since sold off 6.3 trillion PORK for 329 Ethereum worth $765,000. From this trade, the PORK millionaire made a realized profit of 324 ETH or $753,000.
In just 3 days, this trader made $3.3M on $PORK with only 5 $ETH($12K)!?
This trader spotted $PORK 7 minutes after it opened trading and spent 5 $ETH($12K) to buy 9.5T $PORK.
Then he sold 6.3T $PORK for 329 $ETH($765K), realizing a profit of 324 $ETH($753K).
This trader… pic.twitter.com/IGYS6U0SPU
— Lookonchain (@lookonchain) February 2, 2024
The big break for this trader also lies in his remaining bag. He currently has 3.2T PORK worth about $2.55 million and should he sell, he will make an unrealized profit of $2.55 million.
Over the past few months, new memecoins have emerged that generally defied the norms. This big break in PORK now underscores how bets like the ones from Shiba Inu’s early days are still possible despite the market evolution.
Cases of Memecoin-Made Millionaires
One of the most intriguing stories in the memecoin ecosystem is that of a trucker who flipped $650 into $1.7 million with an early investment in Shiba Inu (SHIB) in 2020. While there are two other intriguing stories like this, newer memecoins like SILLY have also notably produced such magical trends as well.
As reported earlier by The Crypto Basic, one trader turned $42 to $1.5 million trading Silly Dragon (SILLY) last December. This story and others like it have gotten many traders wishing for their own big breakthroughs to come as well.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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