Peanut the Squirrel's ($PNUT) marketcap hits $1 Billion, animal memecoin trend begins?

Bittime - Peanut the Squirrel's ($PNUT) marketcap breaks $1 Billion! What caused this huge rally? Learn more about the rapid rise in the price of $PNUT and the emerging trend of animal-themed coins.

Peanut the Squirrel ($PNUT), a squirrel-themed memecoin, recently made a big splash with its $1 billion market capitalization, catching the attention of many investors in the crypto world.

Since its launch on the Solana blockchain, $PNUT has experienced a remarkable price surge and captured the attention of the crypto community. Despite being born from the emotional story of Peanut the squirrel who was a victim of euthanasia, the coin shows immense potential.

The $PNUT Journey: From Launch to Reaching $1 Billion

Since its launch, Peanut the Squirrel ($PNUT) has grown rapidly in a short period of time. Initially, $PNUT was priced at $0.03128, but after it was listed on Binance on November 11, the price began to skyrocket, with the market capitalization reaching $2 billion in just two weeks.

This boom was heavily influenced by social media support, especially after tweets from famous personalities such as Elon Musk highlighted the squirrel meme. This price increase marked an important momentum, with $PNUT reaching an all-time high of $2.47 on November 14.

However, after that surge, the price stabilized around $1.90, and many analysts now expect the price of $PNUT to surge higher if it manages to break the important resistance level of $2.45. Some analysts predict a potential upside of $3.73 or more if the price breaks that barrier.

Read also: Why PNUT's Market Cap Breaks $1 Billion in Days

Future Potential and Beware of Volatility

Although the price of $PNUT is showing bullish sentiment, analysts still caution the importance of caution. Technical indicators, such as the Relative Strength Index (RSI) dropping to 37, suggest that $PNUT could be overbought after the rapid rise.

Bearish divergences are also starting to appear on the RSI chart, indicating a possible price correction if selling pressure increases.

However, the crypto market remains optimistic about $PNUT's potential to continue growing, thanks to the popularity of the squirrel meme that caught the attention of many investors and speculators.

Animal-Themed Memecoin Trend: Flockerz ($FLOCK) Emerges as a Contender

While $PNUT dominates the news, another animal-themed memecoin, Flockerz ($FLOCK), is starting to show potential as a major competitor. Unlike $PNUT, Flockerz has a more focused approach on sustainability and utility, with a decentralized governance system through FlockTopia.

Users can be directly involved in decision-making, as well as earn rewards from staking and lending. With a successful presale raising nearly $2 million, Flockerz is one meme coin to be reckoned with.

Conclusion: The Rising Trend of Animal Memecoins

With Peanut the Squirrel's ($PNUT) marketcap reaching $1 billion, it is clear that the animal-themed memecoin trend is booming.

Both $PNUT and $FLOCK show how memes inspired by emotional stories or funny characters can attract huge interest in the crypto world. Despite some technical challenges, the enthusiasm of the community and the potential for long-term price gains make $PNUT and similar coins worth keeping an eye on for future memecoin investments.

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