GORK is the next hot meme token, boosted by Elon Musk’s new avatar and nickname change. Despite this, the token has struggled to break the $100M market capitalization.
Elon Musk boosted a new meme launched just four days ago. Musk changed his screen name to “gorklon rust”, linked to the GORK ticker of the currently trending token.
Musk has not promoted the token explicitly, but has used his outsized social media presence. In the past, Musk has changed his avatar to draw attention to Kekius Maximus (KEKIUS), leading to an almost vertical rally.
This time around, the Musk effect is more muted. KEKIUS peaked at $181M in total market capitalization, currently sliding to $21M in total market cap. GORK is still valued at $66M, even after several rallies in the past four days.
New XAI Gork (GORK), as the token is known, is a Solana-based asset, benefitting from the recent return to hot memes. GORK currently trades at $0.066, while still being mostly dependent on decentralized markets.
GORK draws buying volumes from whales and smart money
Over the past few days, however, GORK managed to draw in significant buying volumes, leading to several jumps to a higher range. The periods of heightened buying activity led traders to view GORK as possibly boosted by whales or insider buyers.
Alphanomics data shows GORK is one of the most actively traded tokens on Solana DEX, with $134M swapped in the past 24 hours.
The potential rally of GORK also competes with the influence of Housecoin (HOUSE), as well as the recent recovery of FARTCOIN. GORK aims for the category of irrational tokens, though its recent launch means it does not have a cult community yet. The token’s connection to Musk may lead to future rallies, as the asset will be closely watched and may produce secondary rallies.
GORK is still awaiting centralized listings, as the token is currently only present on Bybit. The influence of Musk is seen as a possible factor in securing centralized listings on Tier 1 top exchanges. However, those listings do not guarantee immediate rallies. Some may actually use those listings as opportunities to cash out.
$1B market cap may be unattainable
In the first days of GORK trading, top traders cashed out under $500K, a smaller haul compared to earlier memes. The top trader shows a pattern of buying the dip, then selling after the price improves again.
GORK is already held by 20,048 owners, with no significant lockup wallets. The token now hopes to follow the meme playbook of knocking off higher market cap levels, with predictions of $200M to $500M. However, reaching $1B valuations is currently not an easy feat for memes, following months of subdued market sentiment and more cautious buyers.
The biggest GORK holder is also a whale for the ZEREBRO AI agent project. GORK is currently the wallet’s most significant investment, followed by AI16Z, DARK, and other AI assets, also including the POPCAT meme token.
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