Peanut gains $1.2b market cap, entering top 100 cryptos
Peanut the Squirrel, a newly launched meme coin on the Solana blockchain, has just lately develop into the highest gainer among the many main 100 crypto belongings amid a large rally.
Created as a tribute to Peanut, the squirrel controversially euthanized by the New York State Division of Environmental Conservation final month, Peanut the Squirrel (PNUT) confronted preliminary promoting strain after its early-November launch.
The coin dropped to a low of $0.03104 on Nov. 4. Nonetheless, PNUT rapidly discovered its footing, rebounding because it joined a broader market uptrend following Donald Trump’s victory within the just-concluded U.S. presidential election.
The rally intensified on Nov. 11 as PNUT soared by 256%, hitting a brand new all-time excessive of $0.47, with Binance confirming its itemizing yesterday. PNUT is up 170%% during the last 24 hours and is buying and selling at $1.2 on the reporting time.
Amid this uptrend, PNUT entered the highest 100 crypto belongings, with its market cap surging above $1.2 billion million.
The asset grew to become the fastest-growing meme coin to succeed in a $1 billion market cap in lower than 10 days.
The four-hour chart for PNUT exhibits the essential zones on the 23.6% Fibonacci stage, round $0.7751, the 38.2% stage at $0.6439 and the 50% area, round $0.53801. These signify notable help zones if the worth faces a pullback.
Notably, these ranges might present shopping for alternatives for traders if the worth retraces, as they’re typically areas the place demand will increase in bullish markets.
Presently, PNUT is buying and selling close to the higher finish of the Fibonacci scale, suggesting bullish sentiment. Nonetheless, if it encounters resistance close to its latest highs, merchants ought to look ahead to potential retracements towards the 0.382 or 0.5 Fibonacci ranges, as these might function wholesome consolidation factors earlier than one other leg up.
The meme coin’s Relative Power Index is at the moment at 84.93, inserting PNUT in overbought territory. This excessive studying means that PNUT could be overextended, and a correction may very well be on the horizon, particularly as volumes begin to drop.
Nonetheless, a robust development can maintain PNUT’s RSI elevated, that means PNUT might preserve its uptrend if shopping for strain persists. This might require a restoration in quantity.
