Peanut the Squirrel, a newly launched meme coin on the Solana blockchain, has become the fastest growing among the top 100 crypto assets.
Creation of Peanut the Squirrel
Peanut the Squirrel was created as a tribute to a squirrel euthanized by the New York State Department of Environmental Conservation last month. The coin faced initial selling pressure after its early-November launch.
Price Surge and Dynamics
Initially, PNUT's price dropped to $0.03104 on November 4 but rebounded after Donald Trump’s victory in the U.S. presidential election. On November 11, PNUT surged by 256%, hitting a new high of $0.47, and was listed on Binance. Currently, it is trading at $1.2.
Technical Analysis and Outlook
The 4-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% region at $0.53801. The RSI is at 84.93, indicating overbought conditions that might lead to a correction, though a strong trend could sustain interest.
Peanut the Squirrel continues to show impressive growth, making it a notable player in the meme coin market. Investors should remain aware of potential technical corrections.
