Peanut (PNUT) Price Surges 3,900% in 30 Days Following Binance Listing and Musk Tweet

TLDR:

• PNUT has achieved an extraordinary 3,942% surge over the past month
• Trading volume increased by 549% in a single day
• Binance listing on Nov 11 sparked controversy due to low liquidity concerns
• Elon Musk’s tweet about “the prophecy” further accelerated price movement
• Technical indicators suggest potential cooling period ahead

PNUT, a Solana-based token themed around a squirrel mascot, posted an extraordinary gain of 3,942% over the past month. The token’s price reached $2.11, pushing its market capitalization to $2.11 billion and securing its position as the 52nd largest cryptocurrency by market value.

The catalyst for PNUT’s meteoric rise came on November 11 when Binance, the world’s largest cryptocurrency exchange, announced its listing. The listing sparked immediate debate within the crypto community, with some observers raising concerns about potential insider trading and the token’s initially low liquidity levels.

Peanut the Squirrel
PNUT Price

Trading volume for PNUT has exploded since the Binance listing, reaching $5.90 billion in daily transactions. This represents a 549% increase in trading activity over a single 24-hour period, highlighting the intense market interest in the token.

The price movement gained additional momentum on November 13 when Tesla CEO Elon Musk posted a tweet stating, “The prophecy has been fulfilled” in reference to an older squirrel meme. The market responded swiftly to Musk’s comment, leading to another sharp uptick in PNUT’s value.

Technical analysis of PNUT’s price charts reveals a series of upward waves since November 5. The initial price movement showed gradual gains, followed by a brief correction period within a descending parallel channel that lasted approximately one week.

The breakout from this channel coincided with the Binance listing announcement, marking the beginning of an accelerated upward trend. Market data indicates that PNUT briefly entered the top 50 cryptocurrencies by market capitalization during this surge.

Trading patterns suggest PNUT may be entering its fifth and final wave of upward movement, according to Elliott Wave theory. This wave could potentially extend to price targets of $3.73 and $5.83, based on technical projections.

However, warning signs have emerged in the form of technical indicators. The two-hour Relative Strength Index (RSI) shows developing bearish divergence, suggesting the possibility of a pullback. If such a correction occurs, analysts identify the nearest support level at $0.45.

The token’s rise comes amid a broader surge in the memecoin sector, which has seen its total market capitalization increase from $55 billion on November 5 to over $123 billion. This growth reflects heightened interest in various meme-based cryptocurrencies.

Market sentiment indicators present a mixed outlook. The Balance of Power indicator remains positive but shows declining strength, while the Chaikin Money Flow suggests decreased buying pressure compared to earlier in the rally.

We will never forget. His death will not be in vain.

RIP Peanut.#JusticeForPeanut https://t.co/hY2qGfN8dp pic.twitter.com/HpuCK5qXyP

— PNUT – Peanut The Squirrel | Fan Page (@pnutsolana) November 12, 2024

Traders have identified a key demand zone between $0.7010 and $0.6499, which could provide support if the price experiences a correction. Some analysts project a potential 41.19% bounce from these levels should the price reach this range.

The current trading environment shows slightly bearish sentiment, with more traders positioning for a potential decline than continued upward movement. Market analysts suggest PNUT may enter a consolidation phase following its rapid appreciation.

PNUT’s performance has placed it among the top-performing digital assets in recent weeks, outpacing traditional cryptocurrencies and other memecoins. The token’s daily gains of 138% have attracted attention from both retail and professional traders.

The broader memecoin market has also shown strength, with the sector’s daily trading volume reaching $90 billion. This activity level indicates sustained interest in meme-based tokens despite their volatile nature.

Current market data shows PNUT trading patterns displaying increased volatility, with wide price swings becoming more frequent as trading volume remains elevated. This behavior is typical of newly listed tokens experiencing rapid price appreciation.

One notable aspect of PNUT’s market behavior is its correlation with social media activity and high-profile mentions. The price action demonstrates particular sensitivity to social media events and exchange-related news.

The most recent market data shows PNUT maintaining its position above the $2 mark, though with increased price fluctuations as traders react to the token’s sharp rise and technical indicators.