Peanut the Squirrel Hits $1 Billion in Market Cap Within Days
The newly launched meme coin, Peanut the Squirrel, has rocketed to prominence on the Solana blockchain, securing the top spot among the 100 leading crypto assets with an impressive price surge. This digital asset, inspired by a squirrel named Peanut that became a controversial figure following its euthanasia by the New York State Department of Environmental Conservation last month, is attracting both attention and investment.
Price Performance and Market Sentiment
After its early-November launch, PNUT initially faced selling pressure, sinking to $0.03104 by November 4. However, the meme coin rebounded strongly, following a general market uptrend spurred by Donald Trump’s recent victory in the U.S. presidential election. The rally reached a peak on November 11 when PNUT surged by 256%, hitting a record price of $0.47. The rally was further bolstered by a listing on Binance, and as of today, PNUT trades at $1.2, reflecting a 170% increase over the last 24 hours. In less than ten days, the coin has surpassed a $1 billion market cap, establishing itself as one of the fastest-growing meme coins on the market.
Technical Levels and Investor Sentiment
PNUT’s price movement displays significant support zones at key Fibonacci levels: 23.6% ($0.7751), 38.2% ($0.6439), and 50% ($0.53801). These areas could serve as potential buying opportunities for investors if the price experiences a pullback, often acting as demand zones in a bullish market.
At the moment, PNUT is trading near the upper end of the Fibonacci scale, signaling continued bullish sentiment. However, should it encounter resistance at current highs, traders may look for potential retracements toward the 0.382 or 0.5 Fibonacci levels. Such consolidation points could provide a solid base for another upward rally.
Overbought Indicators and Potential for Correction
PNUT’s Relative Strength Index (RSI) currently sits at 84.93, indicating an overbought condition. While this could suggest an impending price correction, it also highlights strong momentum. If buying pressure continues and trading volumes recover, PNUT’s uptrend may hold, even with the elevated RSI level.
In summary, Peanut the Squirrel has swiftly captured the crypto community’s attention, driven by high trading volumes and robust market sentiment. As it continues to hover in overbought territory, traders will be closely watching for signs of consolidation or a potential pullback—key points that could define PNUT’s trajectory in the coming days.