PNUT Doubles in a Day, What's the Magic of Musk-Powered Squirrels?

2024-11-13, 09:19

Peanut has amassed over 500,000 followers online, making it a bona fide internet celebrity squirrel. Recently, Mark Longo, Peanut’s owner, announced on social media that the New York State Department of Environmental Conservation (DEC) had seized Peanut and another pet, a raccoon named Fred, citing rabies concerns, and subsequently euthanized them. This news went viral online. To Mark, Peanut was not just a pet but a beloved family member and an integral part of his online community.
The incident gained even more traction when Elon Musk joined the conversation, posting about Peanut’s story multiple times on the X platform. Musk, a prominent supporter of presidential candidate Donald Trump, criticized the DEC’s actions, stating, “The government should not be allowed to enter your home and kill your pets! This is outrageous.” Musk also pinned a tweet mentioning PNUT, bringing more attention to Peanut’s story. His involvement spiked interest, driving the price of PNUT to a high of $0.14.
As the November 5th U.S. presidential election approaches, the incident quickly became politicized. At a rally in Sanford, North Carolina, Senator J.D. Vance, Trump’s running mate, mentioned that Trump was “furious” about the pet’s story, calling Peanut’s death an example of government overreach. Vance and other conservatives, including New York Representative Nick Langworthy, argued that authorities should focus on more pressing issues rather than targeting animals. Peanut’s story thus evolved into a campaign talking point ahead of the election.
Within days, the squirrel-themed meme coin PNUT on the Solana blockchain skyrocketed from obscurity to a $1 billion market cap. This surge was fueled by Musk’s endorsement, listings on major exchanges, and fervent market sentiment. So, how should PNUT be traded next?

PNUT Market Data

Current Price: 1.0097 USDT
24H High: 1.0295 USDT
24H Low: 0.3856 USDT
24H Change: +110.44%
24H Volume: 733,900,280
Inflow: 267,080,930 USDT
Outflow: 224,606,380 USDT
Net Inflow: 42,474,550 USDT
Fear & Greed Index: 77 (Extreme Greed)
Support Level: 0.2719 USDT
Resistance Level: 1.107 USDT
Trading Strategy Suggestions
Strategy 1: Short-term Long Strategy
Direction: Long
Entry Price: 1.0100 USDT
Stop Loss: 0.9500 USDT
Target Price: 1.1000 USDT
Rationale:
The market is in an extreme greed state, indicating high investor enthusiasm that could push prices higher. Whale trading signals show a clear dominance of long positions. This strategy leverages bullish sentiment with a stop loss to manage risks and a target price near the resistance level for a balanced risk-reward ratio.
Strategy 2: Breakout Strategy
Direction: Long
Entry Price: 1.0300 USDT (after breaking resistance)
Stop Loss: 0.9900 USDT
Target Price: 1.2000 USDT
Rationale:
A breakout above the resistance at 1.107 USDT could trigger further buying interest, driving strong upward momentum. The stop loss protects against false breakouts, while the target price at 1.2000 USDT aligns with anticipated bullish momentum. This strategy is suitable for investors seeking higher returns but willing to accept greater risk.
Summary
PNUT’s rise reflects public concern for animal rights and dissatisfaction with government enforcement, sparking a “Squirrel Lives Matter” movement. Through PNUT, supporters mourn Peanut and protest perceived government injustice.
PNUT’s rapid ascent demonstrates the deep intersection between cryptocurrency and social issues. More meme coins blending social narratives and political sentiments may emerge, engaging both investors and the broader public. These tokens could evolve into vehicles for social movements and political expression, combining market potential with a powerful means of voicing societal concerns.

Author: Icing, Gate.io Researcher
*This article represents only the views of the researcher and does not constitute any investment suggestions. All investments carry inherent risks; prudent decision-making is essential.
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