New York City, USA – Selling pressure on the cryptocurrency PORK has increased, with most indicators suggesting a further price drop. The forked token of Pepe, known as PepeFork (PORK), gained significant traction in the cryptocurrency community as its social metrics soared, despite a decline in its price.
AMBCrypto decided to assess the current state of PEPE and PORK to compare their performance against each other. LunarCrush’s recent tweet highlighted that social metrics for PORK had surged, possibly due to a weekly rally of over 12%. However, this increase in popularity did not translate to a positive price action, as PORK experienced a major price correction, dropping by more than 10% in the last 24 hours.
At the time of reporting, PORK was trading at $0.0000002431 with a market capitalization exceeding $102 million. Santiment’s data analysis by AMBCrypto revealed a drop in PORK’s MVRV ratio on May 5, indicating that fewer investors were in profit. This led to an increase in active deposits of the meme coin and a rise in its supply on exchanges, while the supply outside of exchanges decreased, signaling high selling pressure.
In contrast, PEPE maintained a more positive position, with its price only dropping by 1.5% in the last 24 hours, according to CoinMarketCap. The cryptocurrency was trading at $0.000008569 with a market cap of $3.6 billion, showing bullish market sentiment as indicated by its weighted sentiment graph.
While PORK faced a concerning state, with indicators like the Relative Strength Index (RSI) and the Chaikin Money Flow (CMF) pointing towards a continued price decline, PEPE continued to attract high buying pressure. The MACD remained in favor of buyers, displaying a bullish trend in the market.
Overall, the contrasting performances of PORK and PEPE reflect the volatility and unpredictability of the cryptocurrency market, with investors carefully monitoring the movements of these meme coins for potential investment opportunities. With key technical indicators suggesting different outcomes for each cryptocurrency, the future remains uncertain as market conditions continue to evolve.