Peanut

Peanut the Squirrel

Gains

Coin

Solana (<a href="https://yellow.com/asset/sol">SOL</a>) blockchain-based meme coin Peanut the Squirrel (<a href="https://yellow.com/asset/pnut">PNUT</a>) has <a href="https://crypto.news/peanut-gains-1-2b-market-cap-entering-top-100-cryptos/">emerged</a> as the top performer this week, making it into the 100 best cryptos ranking due to a massive rally. 
This meme coin was created as a tribute to Peanut, a squirrel euthanized by the New York State Department of Environmental Conservation earlier in October. When the token was launched in November, it went through incredible selling pressure, causing it to surge. 
Peanut the Squirrel experienced its lowest point on November 4, a day before the US election as it traded at $0.03104. The meme coin soon bounced back as the crypto market started a bullish run due to Donald Trump's win in the US election. 
This resulted in PNUT gaining 256% on November 11 as it set a new all-time high (ATH) at $0.47. The meme coins surged further when the crypto exchange Binance confirmed its listing of Peanut the Squirrel on November 12. 
PNUT rose 170% within 24 hours of the listing to trade at $1.2. This made the token enter the top 100 crypto assets ranking with a market capitalisation of $1.2 billion. 
It soon became the fastest-growing meme coin as it reached the $1 billion market cap in a week's time. Peanut the Squirrel has set important zones at $0.7751 and $0.6439 levels with 23.6% and 38.2% Fibonacci levels respectively. It has also set a 50% region at $0.53801. 
These levels will act as support zones if the meme coin declines. This also means that these are probably buying zones for crypto investors looking to invest in the token as the demand will increase along these areas. 
Peanut the Squirrel is presently trading at the upper end of the Fibonacci scale which indicates a bullish trend. The meme coin might retrace to 0.382 or 0.5 Fibonacci levels if it hits a resistance zone near. This could act as consolidation zones before it surges again. 
The RSI of the meme coin is at 84.93 which indicates overbought territory, meaning a price correction is likely to happen soon, especially if volumes begin to decline. 
However, if the upward trend is strong, the RSI can get elevated, resulting in volume recovery. So, if the buying pressure continues the token is likely to continue with the uptrend. 
At the time of writing, PNUT was up more than 123% in the last 24 hours to trade at $2.14 while its trading volume has increased over 221% to reach $5.77 billion and the market cap stood at $2.15 billion.

Peanut the Squirrel Gains 170% After Binance Listing, Becomes The Fastest Growing Meme Coin

Yellow News

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