PEPE’s fork PORK faces bloodbath: Here’s what’s going on

  • The measurements revealed that selling pressure on PORK increased.
  • Most indicators point to a further drop in prices.

Pepe’s (PEPE) The forked token, PepeFork (PORK), gained a lot of traction in the crypto community as its social metrics skyrocketed. As PORK’s popularity has increased, its price action has moved in the other direction.

Therefore, AMBCrypto planned to check the current states of PEPE and PORK to see how they behave in relation to each other.

The last bloodbath of the PORK

The latest from LunarCrush Tweeter highlighted an interesting development related to PORC, as its social indicators soared.

A possible reason behind this increase in popularity could be the meme coin’s weekly rally of over 12%.

Thanks to the price rise, the sentiment around the meme coin has remained bullish, as evidenced by its high weighted sentiment.

PORK's level-headed sentiment has increased

Source: Santiment

However, the uptrend did not last long as the meme coin saw a major price correction. According to CoinMarketCapThe coin itself is down more than 10% in the last 24 hours alone.

At press time, it was trading at $0.0000002431 with a market cap of over $102 million.

AMBCrypto’s analysis of Santiment data revealed that PORK’s MVRV ratio fell on May 5, suggesting fewer investors were making profits.

As the price of the meme coin turned bearish, investors chose to sell. This was the case as active deposits of the meme coin increased.

Additionally, its supply on exchanges increased, while its supply outside exchanges decreased on May 5. This meant that selling pressure was high at the time of publication.

Selling pressure on PORK increases

Source: Santiment

PEPE is in a better position

The PEPE, on the other hand, acted differently. According to CoinMarketCap, its price has only fallen 1.5% in the last 24 hours.

At press time, it was trading at $0.000008569 with a market cap of $3.6 billion. Market sentiment around PEPE remained bullish while its weighted sentiment chart was rising.

Unlike PORC, PEPE remained under strong buying pressure. The meme coin’s supply on exchanges has fallen, while its supply outside of exchanges has increased over the past week.

In fact, AMBCrypto reported earlier on the possibility that PEPE will touch $0.00001 in the coming days.

Buying pressure on PEPE was strong

Source: Santiment

What to expect from PORK

Since PORK was in a worrying state, AMBCrypto planned to check its daily chart to better understand if it could change the downtrend.

We noticed that its relative strength index (RSI) recorded a sharp decline.

Realistic or not, here it is The market capitalization of PORK in DOGE terms

Chaikin Money Flow (CMF) also followed a similar downward trend. These figures suggest that the chances of continued price declines are high.

Nonetheless, the MACD remained in favor of buyers as it displayed a bullish advantage in the market.

Source: TradingView

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Sara Adm

Aimant les mots, Sara Smith a commencé à écrire dès son plus jeune âge. En tant qu'éditeur en chef de son journal scolaire, il met en valeur ses compétences en racontant des récits impactants. Smith a ensuite étudié le journalisme à l'université Columbia, où il est diplômé en tête de sa classe. Après avoir étudié au New York Times, Sara décroche un poste de journaliste de nouvelles. Depuis dix ans, il a couvert des événements majeurs tels que les élections présidentielles et les catastrophes naturelles. Il a été acclamé pour sa capacité à créer des récits captivants qui capturent l'expérience humaine.
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