As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market volatility and unpredictability. The recent surge in Peanut the Squirrel (PNUT) token is undeniably intriguing, especially given its tumultuous past.
Amid increasing turmoil in the cryptocurrency market following a recent crash, many digital currencies are experiencing a downward trend. Yet, some coins such as Peanut the Squirrel have been thriving, recording a 20% increase over the past 24 hours. This sector of crypto is known for its frequent shifts in trends, but it’s noteworthy that the recent surge in PNUT prices has reignited investor enthusiasm for this token, particularly after previous scandals.
PNUT Price Surged 20% Amid Declining Greed
Following a significant uproar involving Peanut the Squirrel, the PNUT token gained prominence, promptly being embraced by crypto investors. This resulted in investor backing that pushed the PNUT price to reach an all-time high (ATH) of $2.47 approximately a month back. However, the same controversy caused a downturn as the owner of the Squirrel (upon which the token was based) separated from the project and established a new token using funds donated by the PNUT community. This move upset investors. The token faced difficulties on the charts until recently, but in the last 24 hours, the price of Peanut the Squirrel has increased by 20%.
Of greater note, the trading volume over a 24-hour period has risen by 76% to reach $1.45B, suggesting a significant level of interest in this token’s market. This development is intriguing given that the overall sentiment among crypto investors has shifted from “extreme greed” to just “greed”, following the recent crypto market downturn. However, it’s worth noting that circumstances have evolved since then, as Bitcoin‘s price has once more reached $100k, causing the crypto market heatmap to move into the green zone.
Coinbase Might List Peanut The Squirrel Token
As a researcher, I’ve observed an intriguing development with the Peanut the Squirrel token. It immediately garnered attention from investors upon its debut, and that interest persists to this day due to the substantial returns it has provided for some investors during that rally. Remarkably, one investor managed to earn a staggering $1.77M within just two days with this meme coin.
Essentially, what’s most significant is that the market’s optimism has boosted Solana memecoins such as PNUT, which have seen increased popularity due to this trend. Nevertheless, it’s worth noting that the primary factor driving the rise in PNUT’s price is the announcement made by Coinbase about potential listing of the PNUT token.
On December 11, 2024, the digital trading platform Coinbase included PNUT token in its future plans, potentially leading to a listing down the line. This move has boosted the token’s popularity among investors due to its credibility and trustworthiness that comes with being listed on Coinbase. Currently, PNUT is available for trade on numerous crypto exchanges such as Binance, Kucoin, and others, but its addition to Coinbase could further solidify its standing in the market.
Assets added to the roadmap today: Peanut the Squirrel (PNUT)
— Coinbase Assets (@CoinbaseAssets) December 11, 2024
What’s Coming Next For PNUT Price?
Despite the recent spike in Peanut the Squirrel’s price, it remains unchanged on the weekly chart because it has only regained its previous low of $0.96. This implies that the token still needs significant growth to reach its all-time high (ATH), as it has plummeted nearly 50% from that point.
As I delve into the technical analysis of the PNUT token’s charts, it’s clear that both bullish and bearish sentiments are at play, with a significant resistance level at around $1.40. This potential hurdle might instead propel further growth given the escalating trading activity. The RSI (Relative Strength Index) data suggests we’re in a neutral zone, which aligns well with the ongoing bullish trend. Similarly, the moving averages data shows the PNUT price is currently above these lines. However, the growing selling pressure could potentially trigger a reversal or further adjustments on the chart, warranting close observation.
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2024-12-12 11:46