PNUT (Peanut the Squirrel) is a meme-based ERC-20 token with a total supply of around 1 billion and a circulating market cap of approximately $287 million. Despite lacking any technical utility or innovative features, PNUT has seen massive short-term growth, gaining over 124% in the past 30 days, though it has corrected by over 21% in the last week. It reached an all-time high of $2.44 in November 2024. Technically, it recently broke out of a falling wedge pattern and shows bullish divergence on the RSI, indicating potential for another upward move. PNUT thrives on social media hype and community-driven momentum rather than fundamentals. While its current setup on the chart shows a favorable risk-reward for a spot trade, it remains a highly volatile and speculative asset. Investors should be cautious and fully aware that PNUT’s price is heavily influenced by internet trends and crowd sentiment, not intrinsic value or utility.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.