PNUT Token Surges Over 2,900% Following Viral Fame of Peanut the Squirrel
Peanut the Squirrel (PNUT) has gained significant attention in the meme coin market, experiencing a price surge of nearly $2, reflecting a gain exceeding 2,900% within two weeks, according to CoinMarketCap. This rapid growth has attracted interest from crypto enthusiasts and social media users.
The token's rise is linked to the viral fame of Peanut, a pet squirrel whose death sparked public outrage during the US election season. The incident received widespread attention, amplified by figures like Elon Musk. Public criticism of government actions against the squirrel played a key role in elevating the coin's cultural significance.
Supreme Court Justice Neil Gorsuch referenced the case of Peanut the Squirrel as a classic example of government overreach.
Speaking at a Federalist Society event yesterday, Gorsuch stated: “I’ve just seen too many cases like that. You have just the other day, some of you might… pic.twitter.com/UD06KfqKOo
— Ian Miles Cheong (@stillgray) November 15, 2024
PNUT Rockets to $1.90 after HTX Listing
PNUT began its ascent towards nearly $2 on November 12 following its listing on the HTX exchange, which drove an increase in trading activity. Within 48 hours, trading volume exceeded $230 million, and the price reached $1.90 by November 18. Currently, the token trades at $1.62, marking a 3.64% increase in the last 24 hours.
Source: CoinMarketCap
The token's rise garnered attention from celebrities, influencers, and the broader crypto community. PNUT's market capitalization reached approximately $1.7 billion, with a 24-hour trading volume nearing $1.67 billion, surpassing established meme coins like Dogecoin.
Significant backing from large investors, or “whales,” has also contributed to PNUT’s momentum. One investor holds 27 million tokens, valued at around $51 million. This support, along with a growing community, positions PNUT among the leading meme coins in the market.
Can PNUT Overcome Resistance to Continue Rising?
Despite the impressive price surge, PNUT's future remains uncertain, with potential volatility in its short-term trajectory. Analysts indicate that the price may face challenges if it does not break through the $2.45 resistance level. Successful breakout targets could reach $3.73 and $5.83, while rejection could lead to a correction down to $0.45.
On November 11, PNUT's price saw another boost after breaking out of a descending parallel channel, coinciding with its listing on Binance, one of the largest cryptocurrency exchanges. The price surged further on November 13 following a tweet from Elon Musk referencing an old meme about a squirrel, stating “The prophecy has been fulfilled.”