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Inspired by the Altcoin Solana (SOL), the memecoin project is based on a pet squirrel named Peanut the Squirrel (PNUT), which continues to stir up the crypto industry. This small memecoin project has a fully diluted valuation of approximately $683 million, with a 24-hour average trading volume of approximately $1.1 billion, down more than 50% in the past two weeks, trading at around $0.68 on Monday, December 23, 2024 in mid-Europe.
After an impressive rebound during and after the 2024 U.S. presidential election, the PNUT price has slowed significantly in recent times. In addition, the ongoing Bitcoin adjustment has brought a bearish chill to the entire Altcoin market, leading to a further recovery of BTC's dominance, hovering above 58% at the time of writing.
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PNUT Basics
The PNUT memecoin has garnered tremendous attention from speculative traders in recent weeks, after the token was listed on major crypto exchanges. Following its successful listing on the Binance exchange with over 240 million global users, Coinbase Global Inc. (NASDAQ: COIN) recently announced the listing of PNUT.
As a result, the highly liquid memecoin has locked in liquidity exceeding $12 million, attracting over 78,000 on-chain holders.
However, the PNUT memecoin faces significant obstacles due to a legal lawsuit filed by Mark Longo (alias Squirrel Dad). Recently, Longo issued cease-and-desist letters to Binance and Coinbase, accusing them of using the image of his former pet without authorization.
Longo is accused of being a memecoin scammer, allegedly involved in multiple projects prior to launching Justice for Peanut (JFP).
Medium-Term Outlook
The PNUT price has declined over 71% from its highs above $2.4 last month and is currently retesting a key support level near the 0.618 Fibonacci extension. On the four-hour timeframe, PNUT price has formed a potential Double Botto, while the daily Relative Strength Index (RSI) is showing a Longing divergence.
If the crypto bullish sentiment further strengthens, the PNUT price could easily rally to $1 and lay the foundation for a new all-time high.
