Peanut the Squirrel Drops 50% Following Huge Surge – Is This Coin the Safer Option?

A tragedy struck the internet earlier this week when officials from New York state confiscated and euthanized a cherished pet, Peanut the Squirrel, prompting significant grief in the crypto markets with a substantial surge in PNUT prices.

This movement in the meme coin market was incited when Department of Environmental Conservation officers raided Mark Longo’s residence last Wednesday to take Peanut the Squirrel.

Peanut had been rescued by Mark seven years earlier and had lived under his care, with Longo frequently sharing images of the squirrel’s domestic life on social media.

Additionally, the authorities took Peanut’s companion Fred, a raccoon similarly saved by Longo; however, the situation took a dire turn as disturbing details emerged regarding the euthanization of both animals.

Ensure that everyone you know hears the tale of Peanut the squirrel and Fred the raccoon. The Democrats have gone too far this time. They raided this man because a detractor reported him for having these pets. New York seized the animals and KILLED them. This is the Democrat Party. pic.twitter.com/e5A9jkbLiS

— Robby Starbuck (@robbystarbuck) November 2, 2024

It goes without saying that this tragedy ignited a wave of action across the internet, reminiscent of the RIP Harambe movement from 2016.

The crypto community responded swiftly with the introduction of PNUT crypto, a meme coin dedicated to the beloved creature; however, in a heartbreaking turn of events for those grieving, PNUT’s price plummeted shortly after the excitement began – let’s examine the situation.

PNUT Price Analysis: Is Peanut The Squirrel Facing Doom After Price Decline?

As Peanut the Squirrel strives to bounce back from the steep price drop, PNUT is presently trading at a market price of $0.0697 (indicating a 24-hour change of +44.8%).

The gains come following a dramatic -80% price decline during yesterday’s trading, triggered by a sell-off at an all-time high of $0.135.

Now in recovery mode, the PNUT price experienced a robust bounce at a support level around $0.032, allowing the army of 28.3k holders to establish a consolidation range between $0.3 and $0.6.

However, in the last few hours, the PNUT price has surged to break above the support at $0.65 and test the upper resistance at $0.9.

This upward movement has intensified the RSI, with the critical indicator reflecting the heightened price activity at a reading of 67—indicating moderate bearish divergence.

As a result, RSI readings suggest that a potential consolidation could be forthcoming at these levels, which is echoed in the order book showing 51% buy pressure over the past six hours.

Moreover, a market cap of $75M signifies a strong point for consolidation before attempting to reach $100M, reinforcing the theory that the PNUT price could regain momentum ahead of a new all-time high.

While Peanut the Squirrel battles for recovery, a new meme coin initiative, Pepe Unchained, is just beginning its exciting journey.

Pepe Unchained Aims for $25M Milestone Ahead of Significant Layer-2 Launch

However, while retail traders pursue transient narratives like Peanut the Squirrel, savvy investors understand that real profits are made by positioning themselves ahead of the next major trend.

As November approaches, Pepe Unchained is quickly positioning itself as the next viral opportunity, with its ongoing PEPU presale aiming to raise an impressive $25M in the coming days.

Currently, Pepe Unchained has raised $24.7M, with only 14 hours remaining until token prices increase as part of a unique auction system that ensures gains for early investors.

Furthermore, the benefits don’t end there, as presale investors will gain access to a supercharged staking pool offering a market-beating 96% variable APY until the project launches later this year.

When the staking rewards are so high that they rain down on you!
Pepe Approves pic.twitter.com/NxviGs6plK

— Pepe Unchained (@pepe_unchained) November 4, 2024

Yet, the brilliance of Pepe Unchained lies not just in securing a favorable deal ahead of the next big meme coin; it’s in discerning the genuine value within a landscape cluttered with insubstantial projects and hollow roadmaps.

Pepe Unchained is set to introduce the next phase of the Pepecoin ecosystem, a tailored new Layer-2 created for meme coin developers to unleash their creativity with minimal deployment costs.

The team is putting its resources where its promises are, with the recent revelation of a new developer grant fund, Frens With Benefits, intended to motivate building on the new layer-2.

By financing the development of dApps and meme coin projects on the new layer-2, Pepe Unchained will stimulate the expansion of an ecosystem that complements the highly-scalable cross-chain bridge and AI-enhanced block explorer.

Stay updated with the latest news and announcements by joining the Pepe Unchained community on X (Previously Twitter) and Telegram.

Visit Pepe Unchained.

The article Peanut the Squirrel Crashes 50% After Massive Rally – Could This Coin Be the Safer Bet? first appeared on Cryptonews.