Coinspeaker
Viral Squirrel-Impressed PNUT Token Rockets Over 2,900% in Two Weeks
Peanut the Squirrel (PNUT) has captured the highlight within the meme coin market with a rare value surge. Launched in early November 2024, the token skyrocketed practically $2, reflecting a staggering acquire exceeding 2,900% inside two weeks, in accordance to CoinMarketCap. Such speedy progress has drawn intense curiosity from crypto lovers and social media customers.
The token’s rise stems from the viral fame of Peanut, a pet squirrel whose tragic dying sparked public outrage, coinciding with the US election season. The incident gained widespread consideration, amplified by figures resembling Elon Musk. The general public criticism of presidency actions towards the squirrel performed a pivotal function in elevating the coin’s standing and fueling its cultural impression.
Supreme Court docket Justice Neil Gorsuch referenced the case of Peanut the Squirrel as a traditional instance of presidency overreach.
Talking at a Federalist Society occasion yesterday, Gorsuch acknowledged: “I’ve simply seen too many instances like that. You may have simply the opposite day, a few of you would possibly… pic.twitter.com/UD06KfqKOo
— Ian Miles Cheong (@stillgray) November 15, 2024
PNUT Rockets to $1.90 after HTX Itemizing
PNUT started its speedy ascent in direction of practically $2 on November 12 after itemizing on the HTX change, marking the start of a notable surge. The itemizing propelled the token, driving an instantaneous improve in buying and selling exercise. Inside simply 48 hours, buying and selling quantity surged previous $230 million, and the worth climbed to $1.90 by November 18. On the time of writing, the token is buying and selling at $1.62, marking a 3.64% improve within the final 24 hours.
Supply: CoinMarketCap
The token’s rise shortly captured widespread consideration, not solely from celebrities and influencers but additionally from the broader crypto neighborhood. Buyers acknowledged PNUT’s potential, and inside days, its market capitalization reached round $1.7 billion. The token’s 24-hour buying and selling quantity neared $1.67 billion, surpassing well-known meme cash like Dogecoin.
PNUT’s speedy success additionally attracted vital backing from giant buyers, or “whales”. One investor alone holds 27 million tokens, valued at roughly $51 million. This appreciable help, alongside a rising and passionate neighborhood, has fueled PNUT’s momentum, establishing it as one of many main meme cash out there.
Can PNUT Overcome Resistance to Proceed Rising?
Whereas the worth surge is outstanding, the way forward for PNUT stays unsure, with some volatility within the token’s short-term trajectory. In accordance with analysts, the worth might face challenges if it fails to interrupt by means of the $2.45 mark, which is seen as a key resistance stage. If it succeeds in breaking out, the subsequent targets for PNUT might be as excessive as $3.73 and even $5.83. Nevertheless, ought to the worth face rejection, a big correction might observe, probably pushing it again right down to $0.45.
On November 11, PNUT’s value skilled one other increase after breaking out of a descending parallel channel. This breakout coincided with its itemizing on Binance, one of many world’s largest cryptocurrency exchanges. The worth then surged additional on November 13 following a tweet from Elon Musk, who referred to an outdated meme a few squirrel, calling it “The prophecy has been fulfilled”.
Viral Squirrel-Impressed PNUT Token Rockets Over 2,900% in Two Weeks
