As Coinbase hints at listing Peanut the Squirrel, the momentum for PNUT prices has further strengthened, rising 20% in a single day.
Due to the recent cryptocurrency market crash, market volatility has intensified, and many cryptocurrencies have entered a downward trend. However, some cryptocurrencies like Peanut the Squirrel continue to maintain growth momentum, achieving a 20% increase in just the past 24 hours. While this is part of the frequently changing trends in the cryptocurrency industry, it is noteworthy that the sustained surge in PNUT prices has rekindled investor interest in this token, especially after previous controversies.
Greed sentiment wanes, PNUT price surges 20%
After Peanut the Squirrel sparked significant controversy, the PNUT token became the focus of attention and immediately prompted adoption by cryptocurrency investors. This led investors to support pushing the PNUT price to a historic high of $2.47 a month ago. However, the same controversy led to its downward trend, as the owner of Squirrel (the token it is based on) eventually exited the project and created a new token using donations from the PNUT community, angering investors. Until recently, the token has struggled on the rankings as Peanut the Squirrel's price surged by 20% in the past 24 hours.
More importantly, the 24-hour trading volume surged by 76%, reaching $1.45 billion, indicating strong market demand. The rise in sentiment around this token is interesting, as investor sentiment in the cryptocurrency market has shifted from extreme greed to greed, a change brought about by the earlier cryptocurrency market crash. However, the situation changed at the time of reporting, as Bitcoin's price reached $100,000 again, bringing the cryptocurrency market heat map into the green zone.
Coinbase may list Peanut the Squirrel token
Peanut the Squirrel token attracted the attention of investors as soon as it was launched. Due to investors taking advantage of this surge to earn high returns, demand remains strong. At that time, an investor made $1.77 million with this meme token in just two days.
More importantly, the bullish sentiment in the market has positively influenced high demand for meme coins like PNUT on Solana. However, the primary reason for the surge in PNUT prices is Coinbase's announcement of a potential listing for the PNUT token.
On December 11, 2024, the cryptocurrency exchange Coinbase added the PNUT token to its roadmap. This could lead to future listings, thereby increasing its demand. The token has already been listed on many cryptocurrency exchanges, such as Binance and Kucoin, so a Coinbase listing could demonstrate more credibility for the token, increasing investor trust.
What will the next change in PNUT price be?
Despite the impressive rise in Peanut the Squirrel's price, it shows a neutral performance on the weekly chart, as it is merely recovering from an earlier drop to $0.96. This indicates that the token still has a long way to go, especially to reach its ATH, as it has fallen nearly 50% from there.
Analyzing the technical charts of the PNUT token, both bulls and bears are actively present, with a local resistance level at $1.40. This could push further increases if trading volume rises. Additionally, RSI data indicates a neutral zone, which is favorable for the continuation of the bullish trend. Moving average data supports this, as the PNUT price is above this data. However, increasing selling pressure could lead to a trend reversal or further correction in the chart.
