In a surprising boom of the year, the story of Peanut the squirrel has spurred the creation of one of the most hyped meme coins. PNUT was launched on the Solana (SOL) blockchain earlier this month, and within just two weeks, its market cap reached $2 billion.
The token was born from outrage and empathy following Peanut’s tragic euthanasia over rabies concerns, and it has captivated the crypto world, sending it high.
This rapid ascent peaked on November 14, when PNUT hit an all-time high of $2.47 before stabilizing near $1.90.
Similarly, the well-known GOAT token, Goatseus Maximus, saw a $1B volume following its recent Bitget Listing, pushing its price above $1.
Amid PNUT's success, the broader meme coin market is rife with speculation about the next breakout star.
One contender is Flockerz (FLOCK), an animal-themed token that seeks to capture a similar blend of community passion and speculative interest.
Peanut the Squirrel's $2B Market Cap: Which Token is Eying that Next?
Analyzing PNUT's price movements reveals a fascinating trajectory since its launch.
The token was initially priced at $0.03128, but PNUT experienced a gradual increase before breaking out massively after its Binance listing on November 11.
The breakout coincided with growing social media buzz and endorsements from influential figures, including Elon Musk.
The price surged even higher following Musk’s tweet about an old squirrel meme, pushing PNUT into the spotlight.
The price action suggests that PNUT may now be entering a critical phase.
The price has been fluctuating around the $2.45 resistance level, which will be crucial for determining its near-term trajectory.
Analysts predict it could enter a fifth wave of upward momentum if it breaks above this level, potentially reaching targets of $3.73 and even $5.83 based on Fibonacci retracement levels.
However, caution is warranted as technical indicators show signs of weakness.
The Relative Strength Index (RSI) has dipped to around 37, indicating bearish conditions and suggesting that the token may be overbought after its rapid ascent.
A bearish divergence is also forming in the two-hour RSI chart, which could signal an impending correction if selling pressure increases.
The Average True Range (ATR) for PNUT stands at 0.064, indicating relatively low volatility but suggesting that significant price movements could occur soon as traders react to market sentiment and news events.
Notably, GOAT also followed a similar pattern, but analysts speculate its resistance level might still be higher than $1.02, therefore anticipating more.
Should PNUT fail to overcome its resistance, it risks falling below its key support level of $1.73, potentially triggering a deeper correction.
Still, market sentiment remains cautiously optimistic, buoyed by the token’s rapid adoption and emotional backstory.
Flockerz ($FLOCK) – The Next Big Meme Coin Sensation?
While PNUT continues to dominate headlines, another animal-themed meme coin, Flockerz ($FLOCK), rapidly emerged as a top contender in the space.
Unlike many of its predecessors, Flockerz introduces an ecosystem centered on sustainability and utility, setting it apart from the speculative nature of traditional meme coins.
Flockerz uses FlockTopia, a decentralized governance model that allows token holders to directly influence the project's direction.
From feature rollouts to marketing strategies, FlockTopia empowers the community, promoting collaboration and trust rarely seen in the meme coin market.
Participants in governance votes earn FLOCK rewards, a way of creating an incentive-driven ecosystem that ensures active engagement.
Beyond governance, Flockerz integrates DeFi features like staking and lending.
These functionalities enhance liquidity while offering token holders opportunities to grow their investments.
Early staking participants during the presale phase have reported projected APYs in the four-digit range.
The presale has already gained considerable traction, raising nearly $2 million. Analysts predict a potential 10x to 100x return once the token debuts on decentralized exchanges (DEXs).
While PNUT captures the imagination of a community mourning Peanut’s story, Flockerz emerges as a calculated investment opportunity with long-term potential.
The post Peanut the Squirrel Hits $2B Market Cap, GOAT Hits $1B – Is New Animal Meme Coin Flockerz Next? appeared first on Cryptonews.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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