PEPE’S PORK Fork Faces Bloodbath: Here’s What’s Happening

• The metrics revealed that selling pressure on PORK increased.
• Most indicators pointed to a new drop in prices.

pepe [PEPE] forked token, picker [PORK], gained a lot of traction in the crypto community as its social metrics skyrocketed. While PORK’s popularity increased, its price action moved in reverse.

Therefore, AMBCrypto planned to check the current statuses of PEPE and PORK to see how they are doing with each other.

PORK’s latest bloodbath

The latest from LunarCrush https://twitter.com/LunarCrush/status/1786767778474807784 highlighted an interesting development related to PORK, as its social metrics skyrocketed.

One possible reason behind this rise 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 evident from its high weighted sentiment.

However, the uptrend did not last long as the meme coin witnessed a major price correction. According CoinMarketCapthe meme coin is down over 10% in the last 24 hours alone.

At the time of this publication, it was trading at $0.0000002431 with a market capitalization of over $102 million.

AMBCrypto analysis of Santiment data revealed that PORK’s MVRV index fell on May 5, hinting that fewer investors took profits.

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

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

PEPE is in a better position

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

At the time of this publication, it was trading at $0.000008569 with a market capitalization of $3.6 billion. Market sentiment around PEPE remained bullish as its weighted sentiment chart rose.

Unlike PORK, PEPE remained under great buying pressure. The supply of the meme coin on exchanges fell, while its supply outside of exchanges increased over the past week.

In fact, AMBCrypto reported Previously about the possibility of PEPE touching $0.00001 in the coming days.

What to expect from the PIG

Since PORK was in a worrying state, AMBCrypto planned to check its daily chart to better understand whether the bearish trend could change.

We found that its Relative Strength Index (RSI) recorded a sharp decline.

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

The Chaikin Money Flow (CMF) also followed a similar decreasing trend. These suggested that the chances of a continued price decline were high.

However, the MACD remained in favor of the buyers as it showed a bullish advantage in the market.

This is an automatic translation of our English version.