Viral Squirrel-Inspired PNUT Token Rockets Over 2,900% in Two Weeks

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As an analyst with over two decades of experience in the financial markets, I’ve witnessed countless trends and fads come and go. However, the meteoric rise of Peanut the Squirrel’s (PNUT) token in the meme coin market has undeniably captured my attention. The combination of public outcry over a squirrel’s unfortunate demise, government scrutiny, and celebrity endorsements has created a perfect storm for this token’s success.

In a remarkable turn of events in the meme coin market, the adorable character Peanut the Squirrel (Peanut) has been stealing the show. Launched back in early November 2024, this token experienced an astounding price jump close to $2. This incredible surge represents a phenomenal increase of over 2,900% within just two weeks, as reported by CoinMarketCap. The swift growth has sparked considerable excitement among crypto fans and social media users alike.

The surge in popularity for this token can be attributed to the viral notoriety surrounding Peanut, a beloved pet squirrel whose untimely demise sparked public fury. This event occurred during the heat of the U.S. election campaign, which helped propel its visibility. Notable figures like Elon Musk further fueled the media buzz around this tragic incident. The backlash against government actions towards Peanut significantly contributed to boosting the coin’s prestige and expanding its cultural influence.

At a Federalist Society gathering, Justice Neil Gorsuch pointed to the Peanut the Squirrel case as a typical instance of excessive government intervention. In his words, “I’ve encountered far too many cases similar to this one. And it seems like just yesterday, some of you may have heard about…

— Ian Miles Cheong (@stillgray) November 15, 2024

PNUT Rockets to $1.90 after HTX Listing

On November 12, PNUT started its swift climb towards nearly $2 following its listing on HTX exchange, signaling the start of a significant upward trend. This listing sparked a rapid rise in trading activity for the token. In merely 48 hours, the trading volume soared past $230 million, and by November 18, the price peaked at $1.90. At the moment, the token is being traded at $1.62, representing a 3.64% growth in the last 24 hours.

Source: CoinMarketCap

In a surprising turn of events, the rapid increase in value for this token drew significant interest across various circles, including famous personalities and social media influencers, as well as the wider cryptocurrency community. Investors swiftly realized PNUT’s potential, causing its market capitalization to soar to approximately $1.7 billion within just a few days. The 24-hour trading volume for this token approached $1.67 billion, surpassing popular meme coins such as Dogecoin in the process.

The swift rise of PNUT not only caught the eye of big-time investors, but also one investor alone owns an impressive 27 million tokens, worth around $51 million. This substantial financial backing, coupled with a steadily growing and enthusiastic community, has propelled PNUT forward, making it one of the top meme coins currently in circulation.

Can PNUT Overcome Resistance to Continue Rising?

Despite the impressive increase in value, the outlook for PNUT remains unpredictable, with some fluctuations expected in its near-term direction. Analysts predict that if PNUT can’t surpass the $2.45 threshold, considered a significant resistance point, it might encounter challenges. If it manages to break through, potential targets could reach up to $3.73 and possibly $5.83. Conversely, if it encounters resistance, a notable decline may occur, potentially dragging the price down to $0.45.

On November 11th, the price of PNUT saw another rise after breaking free from a descending parallel trendline. This breakout occurred at the same time as its listing on Binance, one of the world’s biggest cryptocurrency trading platforms. The price climbed even higher on November 13rd, sparked by a tweet from Elon Musk that referenced an old squirrel meme, saying “The prophecy is now complete”.

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2024-11-18 18:20