The price of Peanut the Squirrel (PNUT) remains remarkably high and investors expect it to continue rising. The last few days have been really explosive for this memecoin, which sees its boost thanks to a publication by Elon Musk in X.
As CriptoTendencia already reported in a past work, the story of Peanut the squirrel is one of the most moving in the United States. This mixed with politics, society and finance to become a phenomenon within the pop culture of the North American country. The participation of the tycoon Musk in the indirect promotion of the token caused the great leap that the community expected.
Within a week, the token’s performance reaches an astonishing +1,500% despite the decline from its recent highs of $2.49 per token. At the time of writing this note, the price of the token is $1.95, which reflects 16.17% in 24 hours, according to the data portal CoinMarketCap.
Although the correction of the last few hours suggests that there could be strong profit taking, this is not entirely certain. It is possible that the currency will experience a renewal of its rally and begin the march towards $3 dollars in the remainder of the week. But none of this is certain, considering the strong volatility of the meme sector and the speculative load of the token rally.
PNUT price remains close to $2. Source: CoinMarketCap
Possible scenarios for the price of PNUT in the coming days
There is no doubt that the sharp rise in the squirrel token will at some point be followed by a sharp correction. However, for now it is impossible to have a clear idea of when this decline will occur. The period of price increase could extend for one or several days, considering that demand remains strong on the charts.
For now, the community is waiting for a possible new mention of the token by Musk. The optimism in the broad Cryptocurrency market is such that any hint the market deems timely will be interpreted as massive demand for any token.
With the rise in PNUT price over the past few hours, the coin is rapidly advancing in market capitalization. In that sense, the currency strongly enters the top 10 of the largest memecoins with almost $2 billion in capitalization. The push helped him clearly surpass the cat coins and placed him very close to sixth place in FLOKI.
If it maintains a growth rate like the current one, or at least approximate, PNUT could enter the top 5 of the largest companies in the meme category. As already said, at this point in the rally, the token price correction is very clear on the horizon. Hence, investing now, although it could bring considerable profits, also brings a greater burden of risk.
Disclaimer: This work is for informational purposes only and should under no circumstances be taken as an invitation or investment advice. Cryptocurrencies are highly volatile assets and placing capital in them can lead to total losses.
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