Due to the recent crash in the cryptocurrency market, market volatility has increased, 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 trend in the cryptocurrency industry, which often changes, it is notable that the sustained surge in PNUT's price has rekindled investor interest in this token, especially after the previous controversies.
Greed sentiment fades, PNUT price surges by 20%
After Peanut the Squirrel sparked significant controversy, the PNUT token became the center of attention and immediately attracted adoption from cryptocurrency investors. This led investors to support the push for the PNUT price to reach an all-time high of $2.47 a month ago. However, the same controversy led to its downward trend, as the owner of Squirrel (the token on which it is based) ultimately exited the project and created a new token using donations from the PNUT community, angering investors. Until recently, the token had been struggling in the rankings, as the price of Peanut the Squirrel surged by 20% in the past 24 hours.
More importantly, the 24-hour trading volume has increased by 76% to $1.45 billion, indicating strong market demand. This rise in sentiment for the token is interesting, as the sentiment among cryptocurrency market investors has shifted from extreme greed to greed, due to the earlier crash in the cryptocurrency market. However, the situation changed at the time of reporting, as the price of Bitcoin reached $100,000 again, bringing the cryptocurrency market heat map into the green zone.
Coinbase may list the Peanut the Squirrel token
The Peanut the Squirrel token attracted attention from investors as soon as it was launched. With investors capitalizing on this surge for high returns, demand has remained persistent. At that time, one investor made $1.77 million with this meme token in just two days.
More importantly, the bullish sentiment in the market has had a positive impact on Solana meme coins like PNUT, benefiting its high demand. However, the biggest reason for the surge in PNUT's price is Coinbase's announcement of a potential listing of the PNUT token.
On December 11, 2024, the cryptocurrency exchange Coinbase added the PNUT token to its roadmap. This could lead to a future listing, thereby increasing its demand. The token has already been listed on many cryptocurrency exchanges such as Binance and Kucoin, so a listing on Coinbase could demonstrate more credibility for this token, thereby increasing investor trust.
What will be the next change in the price of PNUT?
Although the current surge in the price of Peanut the Squirrel is impressive, it shows a neutral performance on the weekly chart as it is merely recovering from an earlier drop of $0.96. This indicates that the token 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 drive further increases if trading volume rises. Additionally, the RSI data indicates a neutral zone, which is favorable for the continuation of a sustained bullish trend. The moving average data is also similar, as the PNUT price is above that data. However, increased selling pressure could lead to a trend reversal or further corrections in the chart.
