Peanut gains $1.2b market cap, entering top 100 cryptos 

Squirrel Peanuts, a newly launched meme coin on the Solana blockchain, has recently become the top gainer among the 100 leading crypto assets amid a massive rally.

Created as a tribute to Peanut, who was controversially euthanized by the New York State Department of Environmental Conservation last month, Squirrel Peanut (PNUT) faced initial sales pressure following its launch in early November.

The coin fell as low as $0.03104 on November 4. However, PNUT quickly recovered and joined a broader market uptrend following Donald Trump’s victory in the just-concluded US presidential election.

The rise intensified on November 11, as PNUT surged 256% to an all-time high of $0.47, and Binance confirmed the listing yesterday. PNUT is up 170% in the last 24 hours and is trading at $1.2 at the time of reporting.

PNUT 4H chart | Source: crypto.news

Amid this uptrend, PNUT entered the top 100 crypto assets with its market cap rising to over $1.2 billion.

The asset became the fastest growing meme coin, reaching a market cap of $1 billion in less than 10 days.

The four-hour chart for PNUT shows key zones at the 23.6% Fibonacci level around $0.7751, the 38.2% level at $0.6439, and the 50% zone at $0.53801. These represent notable support zones in case the price faces a pullback.

These levels may present investors with buying opportunities if prices pull back; because these levels are generally areas where demand increases in rising markets.

Currently, PNUT is trading near the upper limit of the Fibonacci scale, indicating a bullish trend. However, if it encounters resistance near recent highs, traders should watch for possible pullbacks towards the 0.382 or 0.5 Fibonacci levels as these could serve as healthy consolidation points ahead of another rally.

Meme coin’s Relative Strength Index is currently at 84.93, placing PNUT in the overbought territory. This high reading suggests that PNUT may be overextended and a correction may be on the horizon, especially as volumes begin to decline.

However, a strong trend could keep PNUT’s RSI high, which means PNUT could maintain its uptrend if the buying pressure continues. This will require a rebound in volume.