Millions made on the memecoin PORK: Allegations of manipulation

Allegations of manipulation in the memecoin called PORK; He earned $19 million with an investment of $6,600.

The memecoin called PONK, which was launched on the Ethereum network, attracted attention by reaching a market value of $ 300 million in a short time. Touted as a fork of BONK, PONK caused a great repercussion. PONK's popularity was influenced by the promotions made on social media.

PONK's sharp rise has also brought to light million-dollar gains. However, various claims have been made for these gains. Accounts named Lookonchain and Rugai focused on inside trading on PONK. In particular, it was surprising that a $6,000 investment in PONK brought in $19 million.

The memecoin PORK has been hit!

A memecoin called PORK, which was launched on the Ethereum network, made high gains. Many investors have made millions of dollars on their small investments. These gains, in turn, gave rise to allegations of manipulation and inside trading.

A user named Rugai made a sensational post from platform X. Rugai pointed out that a wallet acted quickly when PONK was launched, buying 6% of the token's supply for $6,600. This wallet distributed the $6,600 worth of PORK it purchased to several wallets and used it for LP (Liquidity Pool). The wallet's acquisition of PONK was valued at $19 million. It was noteworthy that the wallet earned $19 million with an investment of $6,600. The wallet, which initially bought 6% of the token supply with a low capitalization, was allegedly a member of the team or an inside trader. It does not seem possible for any investor to make such a trade during the launch of PONK.

The launch mechanics of the token are also of note, as one wallet (0xf08) managed to buy ~6% of the supply for ~$6,600.

This supply was then sent to several different wallets and used as LP tokens, with over $19m still in unrealised PnL. pic.twitter.com/OCfn86QHiV

— rug.ai (@rug_ai) February 1, 2024

Lookonchain's sharing on the X platform also attracted attention. In its post, Lookonchain touched on the quick action of a wallet during the launch of PORK.

According to Lookonchain, a wallet spent 5 ETH ($12k) to buy 9.5 trillion PORK within 7 minutes of the memecoin starting the transaction. Seeing PORK rising, the wallet sold its 6.3 trillion PORK for $765,000. The wallet, which draws attention with its transactions, holds 3.2 trillion PORK, and these tokens correspond to $2.55 million.

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

At the time of PORK's launch, 24 wallets purchased 7.3% of the token supply. These wallets paid a total of $1 million for a 7.3% supply of PORK. According to on-chain data, the total earnings of the 24 wallets approached $12 million.

The popular memecoin quickly reached a market cap of $300 million. PORK has achieved a trading volume of $66 million in the last 24 hours.