As a seasoned researcher with years of experience studying the intricacies of the cryptocurrency market, I have witnessed the rise and fall of numerous coins, but the recent surge of Peanut the Squirrel (PNUT) has left me quite intrigued. The rapid growth of this meme coin, overshadowing even established players like Goatseus Maximus (GOAT), is a testament to the dynamic nature of this ever-evolving market.
The meme coin Peanut the Squirrel (PNUT), inspired by our furry friends, has been garnering significant attention with a staggering 3000% increase over the past fortnight. Notably, it has outshone other coins such as Goatseus Maximus (GOAT) that has also seen a 200% growth during this period.
Previously ruling supreme among meme coin enthusiasts, GOAT is now witnessing a decline in interest compared to PNUT. The emergence of Peanut the Squirrel (PNUT) has led to a considerable drop in GOAT’s social dominance since November.
For much of October’s final stretch, GOAT held significant interest among investors. Yet, the emergence of PNUT shifted things, causing GOAT to drop from the list of most popular cryptocurrencies.
PNUT Social Sentiment on the Rise
According to a social trend analysis by blockchain analytics company Santiment, it appears that PNUT is currently the preferred cryptocurrency among investors. This popularity is evident from the significant increase in mentions of PNUT and its increased activity on various social media platforms.
Paying closer attention to GOAT has noticeably influenced it, as decreasing interaction levels suggest a waning energy. Meanwhile, the competition between these meme coins is actively altering market trends.
Courtesy: Santiment
The rise in popularity for PNUT can be traced back to the viral sensation surrounding Peanut, a cherished squirrel whose passing led to public uproar during the American election period. This event captured the spotlight, even reaching notable figures such as Elon Musk who contributed to its widespread popularity.
Despite current challenges, Goatseus Maximus (GOAT) isn’t entirely in a dire situation right now. The funding rate for GOAT is still positive, indicating that investor confidence remains robust. Moreover, the growth in long contracts for GOAT indicates that traders are optimistic about its price rebound.
Despite this positive on-chain metric, GOAT continues to be facing volatility amid the broader market movements. Currently, the bulls are trying to defend the crucial support level of $1.0.
GOAT Price Action Ahead
In just the past day, the price of the Greatest of All Time (GOAT) has undergone a substantial correction, decreasing by 25% from its peak at $1.36 down to $1.01. With the asset edging closer to the significant $1.00 mark, persistent bearish trends could potentially cause further price drops.
The crucial point where the market might find strong resistance is at $0.72. If we observe a fall within this range, it could indicate more significant losses for investors. Falling beneath this level could strengthen the downward momentum, making a swift rebound less likely.
Courtesy: BeinCrypto/ TradingView
Conversely, if GOAT bounces back from $0.72, it could put GOAT in a position to surpass its old highs and possibly establish a new record high (ATH). This would counteract the bearish sentiment and underscore GOAT’s role as a key player in the meme coin market.
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2024-11-19 18:27