PNUT Surges Over 3000% While GOAT Sees 200% Increase
A squirrel-inspired viral meme coin, Peanut the Squirrel (#PNUT), has surged over 3000% in the last two weeks, eclipsing Goatseus Maximus (GOAT), which rose by 200% during the same period. GOAT, once a dominant player among meme coin traders, is losing attention to PNUT, with its social dominance declining significantly since November.
PNUT Social Sentiment on the Rise
According to blockchain analytics firm Santiment, PNUT has become the most popular cryptocurrency among investors, driven by increased mentions and engagement in social media channels. This heightened interest negatively impacts GOAT, whose engagement metrics indicate a loss of momentum, reshaping market dynamics between these meme coins.
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Courtesy: Santiment
PNUT's rise is linked to the viral fame of Peanut, a pet squirrel whose tragic death during the US election season garnered significant public outrage, amplified by high-profile figures like Elon Musk.
Despite challenges, GOAT maintains positive funding rates, indicating sustained investor confidence. Additionally, an increase in long contracts suggests traders expect price recovery, although GOAT faces volatility amid broader market movements. Currently, bulls are defending the crucial support level of $1.00.
GOAT Price Action Ahead
The GOAT price recently corrected, dropping 25% from a high of $1.36 to $1.01. As it nears the critical $1.00 threshold, continued bearish momentum may result in further declines. The key support level at $0.72 indicates potential deeper losses if breached, intensifying the bearish trend.
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Courtesy: BeinCrypto/ TradingView
A rebound from $0.72 could allow GOAT to challenge previous highs and potentially reach a new all-time high (ATH), counteracting the current bearish outlook and reaffirming its status in the meme coin market.