Pepe's [PEPE] forked token, PepeFork [PORK], garnered significant attention within the crypto community as its social metrics surged. Despite the heightened social activity surrounding PORK, its price movement took a divergent path.
A recent tweet from LunarCrush highlighted a noteworthy development regarding PORK, showcasing a surge in its social metrics. This spike in popularity could be attributed to the meme coin's weekly rally of over 12%.
The price surge led to bullish sentiment surrounding the meme coin, reflected in its high Weighted Sentiment metric. However, this bullish trend was short-lived, as PORK experienced a substantial price correction. According to CoinMarketCap, the meme coin saw a decline of over 10% in the last 24 hours alone.
As of the latest data, PORK was trading at $0.0000002431, boasting a market capitalization exceeding $102 million. The MVRV ratio for PORK dropped on May 5th, indicating a decrease in the number of investors in profit.
With the meme coin's price turning bearish, investors opted to sell, resulting in increased active deposits. Furthermore, there was a notable uptick in PORK's Supply on Exchanges, while its Supply outside of Exchanges declined on May 5th. This dynamic indicated heightened selling pressure at the current time.
PEPE is in a more positive position
In contrast to PORK's price movement, PEPE exhibited a different trajectory. According to CoinMarketCap data, PEPE's price experienced a marginal drop of 1.5% in the last 24 hours.
At the time of reporting, PEPE was trading at $0.000008569, boasting a market capitalization of $3.6 billion. Market sentiment surrounding PEPE remained bullish, evident from its upward-trending Weighted Sentiment graph.
Unlike PORK, PEPE continued to face significant buying pressure. The meme coin's Supply on Exchanges decreased, while its Supply outside of Exchanges witnessed an uptick over the past week.
Anticipations for Pork
The Relative Strength Index (RSI) exhibited a notable decrease, indicating a downturn in momentum. Similarly, the Chaikin Money Flow (CMF) mirrored this decline, signaling a potential continuation of the price downtrend.
However, the Moving Average Convergence Divergence (MACD) maintained a favorable stance for buyers, showcasing a bullish advantage in the market.
May 2024, Cryptoniteuae