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TL;DR
- PNUT caught the green wave in the meme coin sector, rising by triple digits in a matter of days.
- Bullish analysts anticipate additional gains, while one X user warned of a possible 20-30% pullback in the short term.
PNUT on the Run
The past week has been quite successful for the meme coin sector, whose total market capitalization soared by over 40% and surpassed $80 billion. Countless tokens witnessed gigantic price surges during that timeframe, with Peanut the Squirrel (PNUT) being an evident example.
The meme coin currently trades at approximately $0.42 (per CoinGecko’s data), representing a whopping 170% increase on a seven-day scale. Moreover, the valuation climbed to $0.46 on May 13, the highest point since January this year.
Somewhat expected, the impressive rally caused multiple market observers on X to speculate on PNUT’s next potential moves.
CRYPTO SHERIFF is among the optimists, predicting that the token could be “one of the strongest meme coins of the new era” and claiming it still has a 100x potential. Earlier this week, the X user revealed being a PNUT investor, saying their initial target was $0.50.
“Yes, my initial target was $0.50, but that doesn’t mean I’ll sell at $0.50! Because PNUT’s true place is in the billions! I can’t wait to see where this will be at the peak of the bull run,” the analyst added.
Another X user claimed that the squirrel-themed meme coin “keeps proving it’s the real MVP” despite the fact that new tokens pop up quite frequently. They believe the asset is backed by “a solid community, steady gains, and strong momentum.”
The Bearish Scenario
There seems to be no specific catalyst that has propelled PNUT’s impressive rally. Apart from the overall revival of the entire cryptocurrency sector, of course, where Bitcoin (BTC) surged well above $100,000 and Ethereum temporarily spiked beyond $2,700.
The X user Crypto Jobs warned that just because the whole market is green doesn’t mean assets can’t plunge. As such, the analyst warned about a possible 20-30% dip for Peanut the Squirrel in the short term.
“Don’t be late, play smart, and don’t FOMO,” they concluded.
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