Could PNUT Token Price Hit a New All-Time High Soon?
Solana (SOL)-based memecoin inspired by Peanut the Squirrel (PNUT) continues to make big waves in the cryptocurrency industry. The small-cap memecoin project had a fully diluted valuation of approximately $683 million and an average 24-hour trading volume of approximately $1.1 billion, but fell more than 50% in two weeks on Monday, December 23, 2024, with a trading volume of approximately 0.68 Dollar. Mid European session.
PNUT price has slowed significantly recently after an impressive rally during and after the 2024 US election. Additionally, the ongoing Bitcoin correction has sent a bearish chill across the altcoin industry, leading to a further restoration of Bitcoin dominance, hovering above 58% at the time of writing.
PNUT basics
The PNUT memecoin has received significant attention from speculative traders over the past few weeks following its listing on major cryptocurrency exchanges. Coinbase Global Inc. (NASDAQ: COIN) recently announced the listing of PNUT, following its successful listing on the Binance exchange, which has more than 240 million global users.
As a result, this highly liquid memecoin has over $12 million in locked liquidity and attracted over 78,000 on-chain holders.
However, the PNUT memecoin is facing significant headwinds from a legal lawsuit filed by Marc Longo, aka Squirrel Daddy. Recently, Longo sent cease-and-desist letters to Binance and Coinbase for using images of his former pets without approval.
Longo has been accused of being a memecoin scammer who allegedly trolled multiple projects before launching Justice for Peanut (JFP).
medium term expectations
After falling more than 71% from last month’s peak above $2.4, PNUT’s price is currently retesting key support near the 0.618 daily Fibonacci extension line. On the four-hour time frame, PNUT price has formed a potential double bottom coupled with a widening daily relative strength index (RSI) divergence.
If bullish sentiment on the cryptocurrency strengthens further, PNUT’s price could easily rise to $1 and set the stage for a move towards a new ATH.
