finbold.com
Meme cryptocurrencies are witnessing increasing investor interest, and the newly created Peanut the Squirrel (PNUT) is standing out with significant buying pressure.
PNUT was trading at $1.67 at press time, showing astonishing gains of over 240% in the past 24 hours. On the weekly chart, the token has rallied over 1,200%.
The Solana (SOL)-based meme coin currently has a market capitalization of $1.69 billion, translating to an inflow of $1.25 billion in the last 24 hours. This momentum has seen PNUT break into the top 100 cryptocurrencies by market cap, ranking in the 58th spot.
Drivers of PNUT popularity
The surge in the price can be primarily attributed to its listing on Binance and Bybit. Given the size of these exchanges, the listing increased their visibility and liquidity, attracting investors partly driven by the fear of missing out.
The meme coin’s growth is notable, considering it was launched less than two weeks ago. Since then, investors who made strategic bets have seen significant returns.
At the current valuation, PNUT has a bullish outlook, with the main price target standing at $2. Market sentiment is strong, as indicated by an ‘Extreme Greed’ index of 84.
However, the 14-day relative strength index (RSI) is at 70.83, suggesting that PNUT may be overbought and at risk of a pullback. While the asset has shown positive performance, traders should remain cautious of potential volatility despite the optimistic forecast.
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