- Statistics showed that selling pressure on PORK increased.
- Most indicators pointed to a further decline in prices.
Pepe’s [PEPE] forked token, PepeFork [PORK], gained a lot of traction in the crypto community as social metrics soared. As PORK’s popularity rose, the price action moved in the opposite direction.
Therefore, AMBCrypto planned to check the current states of PEPE and PORK to see how they fare against each other.
PORK’s latest massacre
The latest from LunarCrush tweet highlighted an interesting development regarding PORK as its social standards soared.
A possible reason for this increase in popularity could be the meme coin’s weekly rally of over 12%.
Thanks to the price increase, sentiment around the meme coin remained bullish, as evidenced by the high weighted sentiment.
Source: Santiment
However, the bull trend did not last long as the meme coin witnessed a major price correction. According to CoinMarketCapthe meme coin is down more than 10% in the last 24 hours alone.
At the time of writing, it was trading at $0.0000002431 with a market cap of over $102 million.
AMBCrypto’s analysis of Santiment’s data showed that PORK’s MVRV ratio fell on May 5, indicating fewer investors were making profits.
When the price of the meme coin turned bearish, investors opted to sell. This was the case when the meme coin’s active deposits increased.
In addition, the supply on the exchanges increased, while the supply outside the exchanges decreased on May 5. This meant that sales pressure was high at the time of going to press.
Source: Santiment
PEPE is in a better position
PEPE, on the other hand, acted differently. According to CoinMarketCap, the price is down only 1.5% in the past 24 hours.
At the time of writing, it was trading at $0.000008569 with a market cap of $3.6 billion. Market sentiment around PEPE remained bullish as the Weighted Sentiment chart moved higher.
Unlike PORK, PEPE remained under high buying pressure. The supply of the meme coin on exchanges decreased, while the supply outside exchanges increased last week.
Basically AMBCrypto reported rather about the possibility of PEPE reaching $0.00001 in the coming days.
Source: Santiment
What can you expect from PORK?
Since PORK was in a worrying state, AMBCrypto planned to check its daily chart to better understand whether it could change the bearish trend.
We found that the Relative Strength Index (RSI) registered a sharp decline.
Realistic or not, here it is PORK’s market capitalization in DOGE terms
The Chaikin Money Flow (CMF) also followed a similar downward trend. These suggested that the chances of a further fall in prices were high.
Nevertheless, the MACD remained in favor of buyers as it showed a bullish edge in the market.
Source: TradingView