The Solana-based memecoin (SOL), inspired by a pet squirrel called Peanut the Squirrel (PNUT), has continued to make waves in the cryptocurrency industry. The small-cap memecoin project, with a fully diluted valuation of about $683 million and an average 24-hour trading volume of about $1.1 billion, fell more than 50 percent in two weeks to trade around $0.68 on Monday, the 23rd. December 2024, during the European mid-session.
After an impressive rally during and after the 2024 US elections, the price of PNUT has slowed down significantly in the recent past. Additionally, Bitcoin’s ongoing correction has sent bearish shivers through the entire altcoin industry, resulting in BTC’s dominance further recovering to sit above 58 percent at the time of writing.
PNUT Fundamentals
The PNUT memecoin has attracted significant attention from speculative traders in recent weeks following its notable listing on major cryptocurrency exchanges. Following the successful listing on the Binance exchange, which has over 240 million global users, Coinbase Global Inc. (NASDAQ: COIN) recently announced the listing of PNUT.
As a result, the highly liquid memecoin with locked liquidity of over $12 million has attracted over 78,000 on-chain holders.
However, the PNUT memecoin has faced significant obstacles due to legal actions filed by Mark Longo, aka the Squirrel Father. Recently, Longo issued a cease and desist letter to Binance and Coinbase for using his former mascot’s image without approval.
Longo has been accused of being a memecoin scammer after allegedly dismantling several projects before launching Justice for Peanut (JFP).
Mid-term expectations
now $PNUT has returned to interesting levels. 👀
this one should pump to ATH from here.
bookmark this family. https://t.co/Ufcvm7d4rD pic.twitter.com/cbUgRTuAp5
– 💎GEM INSIDER💎 (@gem_insider) December 23, 2024
After falling more than 71 percent from a high of over $2.4 last month, PNUT price is retesting a crucial support level around the daily 0.618 Fibonacci extension. In the four-hour period, PNUT price has been forming a possible double bottom, along with a growing divergence in the daily Relative Strength Index (RSI).
In case of further bullish cryptocurrency sentiment, PNUT price could easily rise towards $1 and set the pace for a fresh push towards a new ATH.
