⭐ Today, both DOGE and PNUT have slightly strengthened, and from the market perspective, DOGE is actually a bit stronger; PNUT, as a token that rapidly achieved a 30-fold increase within a week and can maintain stability at a high level, is indeed remarkably strong; additionally, with the strong support from Binance and Musk, it is undoubtedly a new leading coin; however, in the short term, the major rise is nearing its end, and a pullback is needed for a significant increase.
The reasons are as follows:
💥 Firstly, the surge in PNUT is primarily due to the large influx of funds into crypto after Trump's administration, which needs a breakthrough; because most of this is actually U.S. funds, especially ETFs, MEME is more focused on in the West. Therefore, Musk's call last week ignited the sentiment, and coupled with PNUT's initially small market cap, which is now 1.6 billion dollars, it has become the new leading MEME token. Theoretically, the peak market cap of this coin should align with other new leading tokens like WIF, BONK, etc., from the first half of the year; thus, the potential for further increases has significantly diminished compared to previous dozens of times, only about 2-3 times, and this 2-3 times is uncertain; therefore, after a significant rise, a washout and turnover are necessary for further upward movement.
💥 Secondly, Musk continues to call for trades, but PNUT is no longer rising, indicating that the short-term favorable funds have mostly been used up, and the main force is starting to offload.
💥Firstly, PNUT belongs to the MEME sector. The overall MEME sector saw a significant rise last week. On November 14, CoinMarketCap data showed that among the top 100 cryptocurrencies by market capitalization, the number of MEME coins had reached 15, a nearly 50% increase since July. Even more exaggerated, on November 13-14, all of the top ten coins on Binance's gainers list were MEME coins.
Driven by FOMO sentiment, the trading volume of the MEME coin sector on the 13th accounted for an astonishing 37%, far exceeding the 26% during the peak of this year's AI market and surpassing the 30% during the previous bull market's DeFi Summer peak. The trading congestion in the MEME coin track has reached record levels. Therefore, a short-term adjustment in the MEME sector is unavoidable.
⭐ So which area should we participate in?
Currently, PNUT has already pulled back nearly 40% from its peak. If it can drop to the 1.1-1.4 range, it will be a very good position for spot trading; the medium to long-term outlook remains positive.
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