May 22, 2024

Brighton Journal

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  • Metrics revealed that selling pressure on pork increased.
  • Most indicators pointed to further decline in prices.

baby [PEPE] Forked Token, PepeFork [PORK]It has gained a lot of attention in the cryptocurrency community with its rising social metrics. While pork rose in popularity, price action moved in the opposite direction.

Therefore, AMBCrypto planned to check the current status of PEPE and PORK to see how they compete with each other.


Latest LunarCrush tweet An interesting development has been highlighted regarding pork, as its social metrics have risen.

A possible reason behind this increase in popularity could be the memecoin’s weekly rise of over 12%.

Thanks to rising prices, sentiment around the meme coin has remained bullish, as evidenced by the high sentiment.

PORK weighted morale increased

Source: Santiment

However, the uptrend was short-lived, as the meme coin saw a major price correction. according to CoinMarketCapthe meme coin has fallen by more than 10% in the past 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 data revealed that PORK’s MVRV ratio decreased on May 5th, indicating a lower number of investors making profits.

As the price of the memecoin turned bearish, investors chose to sell. This was the case with the increase in active deposits of the meme currency.

In addition, its on-exchange supply increased, while its OTC supply decreased on May 5th. This means that selling pressure was high at the time of publication.

Selling pressure on PORK has been on the rise

Source: Santiment

Pepe is in a better position

On the other hand, Pepe behaved differently. According to CoinMarketCap, its price has fallen by only 1.5% in the past 24 hours.

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At press time, it is trading at $0.000008569 with a market cap of $3.6 billion. Market sentiment around PEPE remained bullish as the weighted sentiment chart rose.

Unlike pork, PEPE remained under high buying pressure. The supply of the meme on exchanges has decreased, while the supply off-exchanges has increased over the past week.

In fact, AMBCrypto mentioned Earlier about the possibility of PEPE reaching $0.00001 in the coming days.

Buying pressure on PEPE has been high

Source: Santiment

What to expect from pork

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

We found that the Relative Strength Index (RSI) registered a sharp decline.

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

Chaikin Fund Flow (CMF) also followed a similar downward trend. These indicate that the chances of continued price declines were high.

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

Source: Trading View