Peanut the Squirrel might be down and out as PNUT price continues sinking despite a -50% drop, and now it seems PNUT crypto holders are rotating to the viral Pepe Unchained.
PNUT exploded onto the scene with dramatic effect earlier this month after authorities in the United States dispatched a much-loved squirrel named Peanut.
The tragic news story quickly triggered a spin-off meme coin, which hammered high amid meme coin fervor, yet weeks later – it seems PNUT crypto might be down and out following a -50% bleed-out.
However, despite the heavy losses, the community behind the coin continues to rally, with analysts on crypto X noting that PNUT trading volumes are currently the third highest of any meme coin – suggesting interest hasn’t ebbed away just yet.
PNUT Price Analysis: Can Peanut The Squirrel Recover or Is Pepe Unchained Better Play?
As PNUT crypto continues to press to the downside, Peanut the Squirrel is currently trading at a market price of $1.17 (Representing a 24-hour change of -12.78%).
This comes amid a -50% drop for PNUT, which has formed a bearish descendant trading channel since hitting an all-time high at $2.5 on November 14th.
Initial attempts to consolidate these gains at the $1.6 price level across November 18-20 fell short, and price action now appears to be souring following the loss of moving average support.
The descendant 20DMA continues to pressure prices to the downside, with this key moving average now standing at $1.31.
Meanwhile, a glimmer of hope emerges from the RSI indicator, which forecasts a bullish reversal after producing a severe oversold reading at 33.91.
This suggests that once strength returns to the meme coin market – likely after a decisive move from Bitcoin – the PNUT price could be primed for an upshot above the $2 mark.
However, as Peanut the Squirrel continues to disappoint holders, CryptoNews analysts are noticing the tremours of whale movements amid a frenzied shift into a new meme coin layer-2.
Don’t Miss: Pepe Unchained Presale Skyrockets Past $40M Raised Ahead of Seismic December Layer-2 Launch
The Pepe Unchained presale is pulling off nothing short of a skyrocket after it smashed past $40M raised with minimal effort in this viral new launch.
Whales are taking position in this new meme coin-focused layer-2 ahead of the highly-anticipated launch in just over 20-days time, as many anticipate PEPU could be the next PEPE token.
At the heart of this is a massive drive towards building out a true and authentic frog coin ecosystem – a major fumble by the original PEPE, which failed to grow beyond ERC-20 shitcoin status.
This includes a brand new bespoke layer-2 with a cross-chain bridge, block explorer, and DEX ready to ship, as well as an ambitious community grant fund underway called Frens with Benefits.
Yet, perhaps most exciting for investors is the launch of Pepe.Pad, which promises to bring Pump.Fun style action to the so-called Pepe Chain in a masterstroke by developers.
Investors are also drawn to the project because of its potential listing on major exchanges like Coinbase or Binance. If PEPU manages to secure a listing on either of these platforms, it could access a vast user base, significantly boosting its price.
Binance listing is historically bullish, and the price could pump even 30x right after the listing.
With the possibility of a major exchange listing, the potential for PEPU to deliver exponential gains is high.
Visit the Pepe Unchained website, connect your wallet, and seize the opportunity to participate in this exciting project before the presale ends.
Visit PEPU Here
The post Is Peanut The Squirrel Done? PNUT Price Down 50% From ATH appeared first on Cryptonews.
