Meme coin PORK drops 30% in 24 hours as traders dump their holdings

The meme coin PepeFork (PORK) has lost 32% of its value in the last 24 hours at the time of writing, currently sitting at $0.065. This pullback in PORK‘s price might be related to ’smart traders dumping the token today, data from on-chain analysis firm Nansen shows.

PORK was released on Jan. 30 and 124 addresses labeled as ‘smart money’ jumped to accumulate 40.9 trillion units, triggering a 600% leap in price until February 1. However, investors started dumping the token, according to Nansen, with 24 smart traders selling their whole holdings. This reduced the amount of PORK in the hands of investors with big profits by 16 trillion units.

Chart with the number of smart traders holding PORK. Image: Nansen

Although 49 wallets registered a PORK buying volume of $2.3 million in the last 24 hours, selling activity surpassed $5.1 million, with 74 addresses reducing their exposure to the meme coin.

Despite the pullback, 124 of the 150 most profitable trades in the last seven days were made through PORK, according to Nansens data. The user chartpro.eth managed to sell his PORK holdings for 860% profit, after an initial investment of $15,716.

Another address, labeled as “7D and 30D Smart DEX Trader”, realized his PORK holdings with an 820% profit, after allocating $11,219 in the meme coin. Smart DEX Trader is a title given by Nansen to top addresses by realized profit during a period.