Will PNUT, one of the most popular memecoins of recent times, be able to recover after its sharp decline?
Solana-based memecoin Peanut the Squirrel (PNUT) has attracted attention in the crypto world by drawing inspiration from a squirrel. With a market cap of $683 million and a 24-hour trading volume of $1.1 billion, PNUT has quickly become a hot topic for investors. Despite this early success, however, the memecoin has made investors nervous by losing more than 50% in the last two weeks. So what’s the latest on the popular memecoin?
What do the key indicators say?
PNUT experienced a strong rally during and after the 2024 US elections. However, interest in PNUT has waned since then as BTC and ETH have started to decline. The current correction in Bitcoin price has affected all altcoins, with Bitcoin’s market dominance rising above 58%. This overall decline has particularly hit memecoins.
There are currently over 78,000 PNUT wallet holders. In addition, the token has over $12 million in locked liquidity. Many crypto investors, especially memecoin enthusiasts, are still hopeful about PNUT.
But the project is facing serious legal issues. Mark Longo, known as the “squirrel dad,” has issued a warning to Binance and Coinbase for using his pet’s image without permission. Longo was accused of scamming previous memecoin projects with “rug pull” claims, and has since launched a new project called Justice for Peanut (JFP).
PNUT analysis
The price of PNUT is down over 71% from its peak of $2.40 last month. It is currently testing the 0.618 Fibonacci level, a key support level on the daily chart. On the short-term four-hour chart, a potential double bottom formation is forming.
The double bottom formation indicates that the price may rise. With the recovery of the market, the $1 band can be targeted for PNUT. However, factors such as the continuation of legal problems, the weakening of the memecoin trend or the negative course of the market will pull the price to even lower levels.
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Layer-1 blockchain from two major chat apps in Asia
Launched as the world's fastest EVM blockchain with 1-second finality, ultra-low gas fees, and support from leading Asian web3 partners like Kakao and LINE NEXT
Kaia was created in April as a result of the merger of Kakao’s Klaytn and LINE’s Finschia.
LINE is a leading chat app in Japan, Taiwan and Thailand, while Kakao dominates a messaging app used by 96% of South Koreans. According to the press release, the two apps have a combined total of more than 250 million users.
Through its close interaction with messaging apps Kakao and LINE, Layer-1 blockchain aims to solve Web3’s user experience and distribution issues. Ultimately, it aims to create an ecosystem that supports DeFi, gaming, real-world assets, and web-based chatbots.
Through its NEXT WEB software development kit (SDK), Kaia aims to enable developers to create small dApps (distributed applications) on LINE Messenger, thus enabling “Telegram-style native app integration.”
“By leveraging Kaia’s low TX latency, account abstraction, and fee delegation capabilities, developers can create a seamless user experience from start to finish while expanding their reach to hundreds of millions of LINE users,”
Alongside the mainnet launch, a developer support program called Kaia Wave was also announced. Using the NEXT WEB SDK, eligible teams will receive marketing, technology, and business support worth $1.2 million per team. Future token production events and liquidity support are also among the other benefits.
Here is the latest information about Kaia (KAIA) coin:
- Current Price: Kaia's price today is approximately $0.2192 USD. The 24-hour volume is $100,768,060 USD and the price is down 6.06% in the last 24 hours.
- Market Cap: Kaia has a market cap of $1,633,881,045 USD and is ranked#77on CoinMarketCap.
- Circulating Supply: Kaia's circulating supply is 5,895,079,875 KAIA.
- Trading on Exchanges: KAIA tokens are traded on various centralized exchanges. Among the most popular exchanges is Binance. Especially on Binance, the KAIA/USDT pair is quite active, recording a trading volume of $42,386,484.88 in the last 24 hours.
- Finschia and Klaytn Merger: Kaia was formed by the merger of Finschia and Klaytn. It is stated that the total supply will increase after this merger.
- Community and Market Situation: The community has a generally positive outlook on Kaia's future. However, investors should be careful given price fluctuations and market conditions.
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