The New XAI Gork (GORK) price surged by 200% on Saturday, making it one of the top-performing coins in crypto. It jumped to $0.04832, bringing its market cap to over $48 million.
Notably, GORK price surged in a high-volume environment. Its 24-hour volume soared to $274 million or 5.7x of its market cap. That is a sign that crypto investors embraced the fear of missing out (FOMO), hoping the rally will continue.
This surge likely happened because the coin seems to be derived from Elon Musk’s xAI company, that has become one of the top players in the AI industry. xAI even acquired X, formerly known as Twitter, creating a company valued at over $130 billion.
xAI’s AI product is known as Grok, which explains why The New XAI Gork ticker symbol is known as GORK. It also jumped as other AI coins like Render and Akash Network soared.
Still, there is a risk that the GORK price will crash in the coming days. For one, Nansen data shows that the number of smart money holders have dropped from 28 on May 1 to 24 today, while their holdings have dropped from near 98 million to 76 million.
The other risk is that many new meme coins often pump and then crash as their insiders start to dump. The most prominent example of this was Donald Trump’s Official TRUMP and the Melania token. These two meme coins initially surged after their launch and then plunged a few days later.
They have dropped by over 80% from their all-time high, costing investors billions of dollars. Other top meme coins like Mother Iggy (MOTHER), Vine (VINE), and Daddy Tate (DADDY) also jumped and then crashed.
Nansen data shows that most of the biggest profit-leaders have already started to dump the GORK token. The most profitable trader made $783k and has already sold $781K of the profit. Similarly, the second-most profitable trader made a profit of $461k and has sold all of the tokens. Most of the top profit leaders have sold their tokens.
