- Peanut The Squirrel (PNUT) memecoin rallied 1091% in the last week after Elon Musk’s post about it on X
- The rally was likely fueled by Bitcoin’s new all-time high of $89,864.13 on November 12, 2024
- Analysts predict PNUT could continue rallying and hit $2.97 by December 11, 2024, an 18,835% increase from current levels
Peanut The Squirrel (PNUT) is topping the charts, rallying 1091% in the last week. The coin spiked after Elon Musk’s X post about Peanut.
Why PNUT is Rallying
PNUT’s sudden breakout follows Bitcoin (BTC) climbing to a new all-time high of $89,864.13 on Nov 12, 2024. BTC’s rally is likely due to the positive market sentiment after Donald Trump’s victory in the US Presidential election.
Peanut was an internet celebrity squirrel who passed away on Oct 30, 2024. The PNUT token made its debut shortly after Peanut’s passing.
Peanut The Squirrel’s PNUT price skyrocketed after Elon Musk reshared a meme of an armored squirrel on X. Musk stated “The prophecy has been fulfilled.”
Will the Memecoin Continue its Upward Momentum?
According to the analysts at CoinCodex, PNUT will continue rallying over the next few weeks. The platform anticipates the asset to hit $2.97 on Dec 11, 2024. Hitting $2.97 from current price levels will translate to a rally of about 18,835%.
The forecast for PNUT is quite bullish. The memecoin may continue to climb the charts over the next few days. Solana-based meme coins have had an excellent year in 2024. Other SOL-based memecoins such as Pepe (PEPE), Bonk (BONK), dogwifhat (WIF), Popcat (POPCAT) etc also experienced an incredible run this year.
There is also a possibility that PNUT will face a correction over the next few days. The cryptocurrency market is already showing signs of a correction. If BTC loses momentum, memecoins may bear the brunt of the matter.
Conclusion
PNUT has seen an incredible rally over the past week, largely attributed to Elon Musk’s post about the memecoin. Analysts remain bullish about PNUT’s future prospects, anticipating further upside for the asset. However, a broader cryptocurrency market correction could halt PNUT’s momentum. It remains to be seen if the memecoin can sustain its epic run.
