The price of Peanut the Squirrel (PNUT) remains remarkably high and investors expect it to continue to rise. The last few days have been truly explosive for this memecoin, which sees its boost thanks to a post by Elon Musk on X.
As CriptoTendencia already reported in a previous article, the story of the squirrel Peanut is one of the most moving in the United States. It was mixed with politics, society and finance to become a phenomenon within the pop culture of the North American country. The participation of the magnate Musk in the indirect promotion of the token caused the great leap that the community expected.
Within a week, the token’s performance reaches a staggering +1,500% despite the decline from its recent highs of $2.49 per token. At the time of writing, the token’s price is $1.95, reflecting a 16.17% increase in 24 hours, according to data portal CoinMarketCap .
Although the correction of the last few hours suggests that a strong profit-taking could occur, this is not entirely certain. It is possible that the coin will experience a renewal of its rally and start the march towards $3 in the remainder of the week. But none of this is certain, considering the strong volatility of the meme sector and the speculative charge of the token rally.
Possible scenarios for the price of PNUT in the coming days
There is no doubt that the sharp rise of the squirrel token will eventually be followed by a sharp correction. However, for now it is impossible to have a clear idea of when this decline will occur. The period of price increases could extend for one or several days, considering that demand remains strong on the charts.
For now, the community is waiting in anticipation of a possible new mention of the token by Musk. The optimism in the broader cryptocurrency market is such that any hint that the market deems opportune will be interpreted as a massive demand for any token.
With the rise in the price of PNUT over the last few hours, the coin is rapidly advancing in market capitalization. In that sense, the coin enters the top 10 of the largest memecoins with almost $2 billion in capitalization. The push has helped it clearly surpass cat coins and is placed very close to FLOKI's sixth place.
If it maintains its current growth rate, or at least close to it, PNUT could enter the top 5 of the largest in the meme category. As already mentioned, at this point in the rally, the correction of the token's price is very clear on the horizon. Therefore, investing now, although it could bring considerable profits, also brings a greater burden of risk.
Disclaimer: This work is for informational purposes only and should not be taken as an invitation or investment advice under any circumstances. Cryptocurrencies are highly volatile assets and investing in them can lead to total losses.
