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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Dec 23, 2024 08:04 UTC
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Peanut the Squirrel (PNUT) Price Prediction: Can It Hit $1 After a 50% Crash?
PNUT, a Solana-based memecoin, surged after listings on Binance and Coinbase but has recently plummeted over 50% amid legal action.
The project faces legal challenges for using the image of "Peanut the Squirrel" without permission.
Despite the recent drop, technical indicators suggest potential for a recovery if broader crypto market sentiment improves.
Solana-based memecoin Peanut the Squirrel (PNUT) has taken the cryptocurrency world by storm, thanks to its quirky inspiration—a pet squirrel. With a fully diluted market valuation of about $683 million and a 24-hour trading volume of $1.1 billion, PNUT quickly became a hot topic among traders. But despite its early success, the memecoin has recently hit a rough patch, dropping over 50% in just two weeks.
As of Monday, December 23, 2024, PNUT was trading around $0.68 during the mid-European session.
Keep reading to find out what’s really going on with PNUT and what lies ahead for this rising star.
The Rally Has Slowed
PNUT experienced a strong rally during and after the US 2024 elections, but its price has slowed considerably recently. The ongoing correction in Bitcoin’s price has affected the entire altcoin market, causing Bitcoin’s dominance to rise above 58% at the time of writing.
This downturn has hit many altcoins, including PNUT, which is struggling to maintain its momentum.
PNUT Fundamentals
Despite the price drop, PNUT has gained significant attention from speculative traders, especially after being listed on major cryptocurrency exchanges. After its listing on Binance, with over 240 million global users, PNUT was also recently listed on Coinbase Global Inc. (NASDAQ: COIN).
This exposure has helped attract interest, with PNUT now having over 78,000 on-chain holders. With more than $12 million in locked liquidity, PNUT remains highly liquid and continues to draw traders.
Legal Issues Loom Large
However, the project faces serious legal challenges. Mark Longo, also known as “the squirrel dad,” issued a cease-and-desist letter to Binance and Coinbase for using his pet’s image without permission. Longo has been accused of running scams in the memecoin space, with allegations of “rug pulls” on several projects before launching Justice for Peanut (JFP).
These legal troubles have raised concerns and cast uncertainty over PNUT’s future.
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PNUT Price Action Analysis
PNUT’s price has dropped more than 71% from its peak above $2.40 last month. It is now testing an important support level at the 0.618 Fibonacci extension on the daily chart. On the shorter-term four-hour chart, a potential double bottom pattern is forming, and a rising divergence on the daily Relative Strength Index (RSI) suggests that the price could soon reverse.
If the overall market sentiment turns positive, PNUT could easily rise towards $1 and set the stage for a new all-time high (ATH).
However, its future will depend on resolving the legal issues and the broader market’s performance, particularly Bitcoin’s price movements.
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FAQs
At the time of writing, the value of 1 token was $0.6944
The Peanut the Squirrel is a newly launched meme coin on the Solana blockchain.
Yes, Peanut the Squirrel is a memecoin.
Yes 
No 
