Why Is Peanut the Squirrel (PNUT) Price Up 20% Today?

Amid the rising volatility in the crypto market due to its recent crash, many cryptocurrencies have entered a downtrend. However, a few cryptos like Peanut the Squirrel continued to gain momentum, attaining a 20% increase in the last 24 hours alone. Although this is a part of the crypto industry where trends change often, it is interesting to note that the ongoing PNUT price surge has regained investors’ interest in this token, especially after the earlier controversies.

PNUT Price Surged 20% Amid Declining Greed

After a major Peanut the Squirrel controversy, the PNUT token came into the limelight, leading to instant crypto investors’ adoption. It led to investor support pushing the PNUT price to create an ATH of $2.47 around a month ago. However, the same controversy led to its downtrend, as the Squirrel (on which the token is based) owner ended up cutting himself from the project and creating a new token with the PNUT community’s donations, which angered the investors. The token struggled on the charts until recently, as the Peanut the Squirrel price has surged 20% in the last 24 hours.

More importantly, the 24-hour trading volume has increased 76% to $1.45B, indicating high demand in the market. This increased sentiment for this token is interesting, as the crypto market investor’s sentiments have moved from extreme greed to greed due to the earlier crypto market crash. However, the conditions have changed at the time of reporting, as the Bitcoin price again hit $100k, bringing the crypto market heatmap into the green zone.

Coinbase Might List Peanut The Squirrel Token

Peanut the Squirrel token had gained investors’ attention right after its launch. The demand is still persistent due to investors making high returns with that rally. At that time, one investor made $1.77M within two days with this meme coin.

More importantly, the market’s bullishness has positively impacted Solana memecoins like PNUT, favoring their high demand. However, the biggest reason behind the PNUT price surge is Coinbase’s announcement regarding the possible PNUT token listing.

On December 11, 2024, Coinbase, a crypto trading platform, added this PNUT token to its roadmap. This might lead to listing in the future, which has increased its demand. The token is already listed on many crypto exchanges like Binance, Kucoin, and many others, so the Coinbase listing could show more credibility of the token, increasing investors’ trust.

Assets added to the roadmap today: Peanut the Squirrel (PNUT)https://t.co/rRB9d3hSr2

— Coinbase Assets (@CoinbaseAssets) December 11, 2024

What’s Coming Next For PNUT Price?

Though the current Peanut the Squirrel price surge is impressive, it is neutral on the weekly chart, as it has only recovered from the earlier drop to $0.96. It clarifies that the token has a long way to go, especially to achieve the ATH, as it has dropped almost 50% from there.

Analyzing the PNUT token’s technical charts, the bulls and bears are actively present, with the local resistance at $1.40. This could fuel a further rally amid increased trading volume. Moreover, the RSI data indicates the neutral zone, which favors the continuity of the ongoing bullish trend. The same is true for moving averages data, as the PNUT price is moving above that. However, the increased selling pressure could lead to a trend reversal or further correction on the chart.

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