Fueled by the rise of Bitcoin and Elon Musk’s endorsement at the start of November, Peanut the Squirrel (PNUT) had an impressive run this month.
The token launched after it secured listings on major exchanges and quickly soared to its ATH of $2.4325 on November 14th, but it has only declined since.
So could PNUT still be a good investment, or could emerging meme coin Pepe Unchained prove a better buy?
PNUT Secures a Kraken Pro Perpetual Futures Listing Despite its Downturn
Several factors influenced PNUT’s rise this month, including its launch that occurred right before the US Election Day, which sent the broader crypto market into a frenzy following the election of Trump’s pro-crypto government.
Launching at $0.05217 on November 4th, when Bitcoin was worth $68,568, the meme coin skyrocketed by over 4,000% in just ten days. The token’s visibility was undoubtedly boosted by Elon Musk’s tweets, including a simple peanut emoji tweet on November 14th, when it reached its ATH.
However, the token saw an immediate decline following its climb above the $2.43 mark, dropping to $1.6093 just 24 hours later.
In the last seven days, its price dropped even further, as the token now trades at $1.07 after entering November 20th priced at $1.6183. Despite its steep downturn, PNUT is now receiving a visibility boost following a Kraken Pro listing, which can drive trading volume and attract new traders.
A previous PNUT futures listing by OKX helped the coin regain some of its losses on November 16th, when the token jumped from $1.68 to $1.93 after a dip, so it’s no wonder crypto experts like Mr.Falcon are optimistic about its short-term success.
Can PNUT Restart Its Rally In December?
Despite the token’s steep drop, PNUT is still above a $1 billion market cap, an impressive feat for a recently released meme coin.
While that represents a 2x decrease compared to its $2+ billion market cap during its peak, experts are still optimistic about the token’s future, with many highlighting the dip as an excellent investment opportunity.
Savage.eth, a crypto analyst, believes PNUT can increase its market cap by 60x, which could drive PNUT’s price above the $50 mark and position it as one of the leading meme coins.
Bitcoin analyst Muro, who’s followed by more than 373,600 users on X (Twitter), is also bullish on PNUT as he anticipates a breakout for the coin.
Positive expert feedback is backed by PNUT’s technical indicators and the overall market sentiment. The Fear and Greed Index currently stands at 82, representing extreme investor greed and leaving room for high-risk, high-reward altcoins like PNUT to experience sudden growth.
Additionally, PNUT’s long/short ratio of 2.03 over the past 24 hours reflects strong investor confidence in its short-term potential, as only 33.02% of its holders are shorting the coin.
On the other hand, if selling pressure increases, PNUT could just as easily fall below the $1 support line, leading numerous investors to shift their attention to PEPU, a project that could offer more growth opportunities.
Could Pepe Unchained Have More Potential? Presale Raises Over $54 Million
Pepe Unchained (PEPU) is about to join the meme coin space with its innovative meme coin-oriented Layer 2 network that seeks to provide 100x faster transaction speeds than Ethereum while helping traders avoid its high gas fees.
The presale is now just $250,000 shy of breaking through the $55 million raised milestone, making it the biggest ever meme coin ICO.
With another 15 days to go before it ends, there’s still room for new investors to secure their share of the coin at the ground level.
Investors can enter the presale by purchasing PEPU, which currently costs $0.01295 each, using ETH, BNB, USDT, or a credit or debit card.
Security-wise, the project’s smart contract was audited by SolidProof and Coinsult, which found no threats to investor funds. Plus, the project’s developers allocated 7.5% of the total token supply to liquidity, fostering a safe trading environment.
ClayBro, a crypto influencer with over 132,000 subscribers on YouTube, believes PEPU can take the upcoming meme coin supercycle “to the next level,” advising his audience to enter the presale while the price is low.
Investors have a limited time to secure PEPU at its current price, which will only increase over the next two weeks, potentially exploding once it launches on DEXs.
