Analysts at Lookonchain discovered a lucky trader who managed to turn five Ethereum (ETH) into $3.3 million in just three days. The trader invested 5 ETH, valued at $12,000, in the meme coin PORK, buying 9.5 trillion PORK just minutes after the launch of trading for this cryptocurrency. After the price of PORK increased, he sold 6.3 trillion coins back for 329 Ethereum ($765,000), earning a net profit of 324 ETH ($753,000).
At the time of the analysis, the trader still had 3.2 trillion PORK worth $2.55 million. Many Lookonchain followers speculated that the successful trades were based on insider information. PepeFork (PORK) is a meme coin inspired by the Pepe frog symbol cryptocurrency project, which brought profits to many investors in 2023. The developers of PORK call it a fork of PEPE, and at the time of writing the article, the cryptocurrency is traded on Uniswap and MEXC.
Buying a meme coin at the start of trading and then taking profits is a popular tactic among members of the crypto community. The Lookonchain team previously reported on traders who managed to earn significant amounts in a short period of time using a similar strategy.
