With Trump's inauguration looming, can PNUT Squirrel take prices by storm again?
Peanut is a popular squirrel with over 500,000 fans. In the early stages of the 2024 US presidential election, its owner Mark Longo announced that the New York State Department of Environmental Conservation (DEC) took Peanut and another raccoon named Fred away and euthanized them under the pretext of rabies, and the news quickly spread on the internet. For Mark, Peanut is not only a pet but also an important member of the family and online community.
The incident attracted greater attention due to Elon Musk’s multiple posts on the X platform. Musk criticized DEC’s decision, saying the government should not kill pets without authorization, and pinned a tweet mentioning PNUT, pushing the PNUT price to a high of $0.14.
As the US presidential election approaches, this event has been quickly politicized. At a rally, Trump’s running mate JD Vance expressed anger at Peanut’s death, seeing it as an example of government overreach. Conservative figures have also made it a campaign issue, criticizing authorities for failing to focus on more important issues.
According to the market data of Gate.io, PNUT is currently priced at $0.554, with a 24-hour increase of 3.01%. The current circulating market value of PNUT is $550 million, ranking 135th in the entire market. Compared with the historical high point of $2.5 set by PNUT on November 14th, PNUT has still fallen by nearly 80%.
PNUT Market Analysis
Trading Data
- Current Price: 0.554 USDT
- 24-hour increase: 3.01%
- Highest price in 24 hours: 0.6077 USDT
- Lowest price in 24 hours: 0.528 USDT
- 24-hour trading volume: 13,929,286.3 PNUT
- 24-hour net fund inflow: 735,948 USDT
Support and Resistance
- Support level: 0.5372 USDT
- Resistance level: 0.604 USDT
Technical Indicators
- RSI: Overbought state, short-term trend is bearish.
Trading strategy recommendation
Strategy 1: Short-term Long Strategy
- Direction: Long
- Entry Price: 0.554 USDT
- Stop loss price: 0.537 USDT (below the support level)
- Target price: 0.604 USDT (resistance level)
Reasons and features: The current market shows an inflow of funds, with the bulls dominating, indicating a bullish market sentiment. Choose to enter at the current price, set a stop loss using the support level to reduce risk. Set the target price at the resistance level, and consider continuing to hold if it is broken.
Strategy 2: Short Selling Strategy
- Direction: Bearish
- Entry Price: 0.607 USDT (if the price rebounds to the resistance level)
- Stop Loss Price: 0.615 USDT (above the resistance level)
- Target Price: 0.5372 USDT (Support Level)
Reasons and Characteristics: The RSI indicator shows overbought conditions, and a pullback may occur in the short term. If the price rebounds to the resistance level, consider entering a short position to take advantage of the potential pullback in the market. Set the stop loss above the resistance level to prevent further price increases.
Outlook
The birth of PNUT reflects the public’s concern for animal rights and dissatisfaction with government enforcement, and sparked the “Rat Lives Matter” social movement. Through PNUT, supporters are not only expressing their condolences to Peanut, but also seeing this as a way to protest against the government. The rapid popularity of PNUT shows the deep integration of cryptocurrencies and social topics. It’s not just an investment product, it’s a reflection of social sentiment. In this way, PNUT supporters express their concern for animal life and criticism of government injustice.
With the diversification of meme coins, there may be more similar cryptocurrencies in the future, combining social topics and political emotions, continuously leading investors and the general public to participate together. These meme coins may continue to develop into carriers of social movements and political positions. They not only have market potential but also effectively reflect social opinions, becoming a new way for the public to express their demands.
