Peanut the Squirrel Meme Coin Reaches $1.2B Market Cap, Joins Top 100 Cryptos

Peanut the Squirrel, a meme coin launched on the Solana blockchain, has skyrocketed in value, reaching a $1.2 billion market cap and securing a spot among the top 100 cryptocurrencies. The coin, created as a tribute to Peanut, a squirrel euthanized by the New York State Department of Environmental Conservation last month, has quickly become one of the most notable performers in the crypto space.

After facing initial selling pressure following its launch in early November, Peanut the Squirrel (PNUT) saw its price fall to a low of $0.03104 on November 4. However, the coin found strong support and rebounded, aligning with a broader market rally that gained momentum following Donald Trump’s victory in the recent U.S. presidential election.

The rally picked up steam on November 11, when PNUT surged by 256%, hitting an all-time high of $0.47. This rally was further fueled by the announcement that Binance had listed the coin, leading to a dramatic rise in trading activity. As of the latest update, PNUT has surged 170% in the past 24 hours, trading at $1.2, with its market cap surpassing the $1.2 billion mark.

Fastest-Growing Meme Coin to Reach $1 Billion Market Cap

In a remarkable feat, Peanut the Squirrel has become the fastest-growing meme coin to reach a $1 billion market cap, accomplishing the milestone in under 10 days. This rapid ascent has caught the attention of crypto enthusiasts and investors alike, positioning PNUT as one of the most talked-about assets in the meme coin category.

Key Technical Levels and Potential Pullbacks

On the technical front, the four-hour chart for PNUT highlights important Fibonacci levels that could serve as key support zones if the price experiences a pullback. These levels are:

• 23.6% Fibonacci: $0.7751
• 38.2% Fibonacci: $0.6439
• 50% Fibonacci: $0.5380

These levels are often seen as areas where demand may increase during bullish markets, providing potential buying opportunities if the price retraces.

Currently, PNUT is trading near the upper end of the Fibonacci scale, suggesting continued bullish sentiment. However, traders should be mindful of potential resistance at recent highs. A pullback toward the 0.382 or 0.5 Fibonacci levels could provide a healthy consolidation before another potential rally.

RSI Shows Overbought Conditions

Peanut the Squirrel's Relative Strength Index (RSI) is currently at 84.93, placing it in overbought territory. This high RSI suggests that the coin may be overextended and could face a correction, particularly if trading volumes begin to decline.

That said, a strong uptrend can sustain an elevated RSI, meaning PNUT could continue its bullish momentum if buying pressure persists. To maintain this momentum, however, the coin would need to see a recovery in trading volume.

In summary, Peanut the Squirrel has emerged as one of the hottest meme coins in the market, with its rapid rise and strong technical indicators making it a coin to watch. While caution is warranted due to its overbought status, the asset remains firmly in bullish territory as long as buying pressure continues.