Peanut The Squirrel (PNUT) Price Has Skyrocketed Over 1,500% in a Week – What’s Behind the Uptick?

Highlights:

• The PNUT price has soared 115% to $2.10, as trading volume has gone ballistic.
• Its spike in market cap has ignited interest in the crypto community, and it has gained a spot among the top 100 crypto assets with over $1B in market cap. 
• Its listing on Binance has boosted its visibility and fueled further gains.

Peanut the Squirrel (PNUT) price has taken the crypto market by storm after it skyrocketed more than 100% in 24 hours on Wednesday, Nov 12. At the time of writing, PNUT’s price is up 115%, and it trades at $2.10, as the crypto market boasts a bullish outlook. PNUT is now up 1536% in a week, gaining a spot among the top performers this week. 

PNUT notably has seen a 122% increase in market cap to $2.20 billion, as its daily trading volume has gone ballistic by 228% to $5.68 billion.  This surge in market cap has ignited interest across the crypto community as the rise in trading volume suggests heightened activity and interest among traders. Further, on November 11, the meme coin obtained a Binance listing resulting in a 100x pump. 

Binance just listed $PNUT and $ACT, resulting in a 2,000% price increase

Low-caps are now getting listed on @binance

Catching next low-cap will bring you 20x-50x profit in a single day

Here are 5 lowcaps our AI is bullish on 🧵 pic.twitter.com/Di7pHfz65r

— Token Metrics (@tokenmetricsinc) November 12, 2024

What Is Peanut the Squirrel?

Peanut The Squirrel is a new meme coin built on Solana. It has surged over 1,500% in just a week, gaining a spot among the top gainers in the meme coin realm.

PNUT has cracked the top 100 Crypto Assets with a $1 billion market cap. It is now among the top 100 cryptos, currently ranking at 51, outperforming big names like Bitcoin SV. Its recent listing on Binance has boosted its visibility and fueled further gains.

PNUT Price Statistical Data

Based on CoinmarketCap data:

• PNUT price now – $2.10
• Trading volume (24h) – $5.68 billion
• Market cap – $2.20 billion
• Total supply – 999.85 million
• Circulating supply – 999.85 million
• PNUT ranking – #51

The PNUT chart illustrates a significant upward trajectory, particularly evident in the later stages. Initially, the token experienced a period of low volatility, with prices consolidating at relatively stable levels. However, the price has steadily broken out trading within the confines of a rising parallel channel.

Will the Bulls Maintain the Pace?

This strong upward leg has led to a rapid increase in the price. This rise has captured investor attention, suggesting that PNUT is experiencing substantial buying interest. Meanwhile, the PNUT price is trading above key bullish indicators, including the 50-day and 200-day Simple Moving Averages (SMAs). 

Additionally, the Golden Cross in the market illustrates a bullish long-term outlook, as the short-term (50-day MA) has crossed above the long-term (200-day MA). Currently, the bulls have flipped the $0.38 and $1.09 into support levels, leaving the PNUT price in a resistance-free zone. 

On the other hand, the Relative Strength Index (RSI) has slightly plunged from the 70-overbought region, currently at 68.70. Despite the slight retracement, the bulls still have the upper hand, painting the bigger picture bullish.

The Moving Average Convergence Divergence (MACD) is teasing a crossing below the orange signal line. Until that happens, traders and investors are inclined to buy PNUT. At press time, the buy signal is in place, as the blue MACD line has flipped above the orange signal line, calling for traders to rally behind Peanut the Squirrel.

PNUT Price Forecast

Based on the 1-hour chart outlook above, the PNUT buyers have taken the reigns in the market. However, early profiteering may have commenced, forcing the PNUT price into a correction. Caution is advised for traders as the RSI has slightly retraced from the overbought region. A retracement often allows PNUT to sweep through more liquidity as already sidelined investors rush to buy lower-priced tokens.

In such a case, the $2.00 mark will cushion against further losses. Increased selling pressure will see the bulls build momentum around the $1.50 mark, absorbing potential selling pressure. Conversely, if the bulls sweep through enough liquidity, they might initiate a rally, targeting a new ATH at $3 or above $5 in the near term.