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How Peanut the Squirrel Meme Coin Hit $130 Million Market Cap

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Solana-based meme coin Peanut the Squirrel (PNUT) skyrocketed to a $130 million market cap within just three days, a remarkable feat for a coin that was relatively unknown just days prior.

The surge came after Tesla CEO Elon Musk commented on the sudden passing of the popular squirrel, sparking a frenzy among traders. This unexpected attention drove PNUT’s price and market cap to unprecedented levels. Here’s a closer look at how it unfolded.

Elon Musk’s Reaction Fuels Massive Meme Coin Purchase 

Three days ago, Mark Long, caretaker of Peanut the Squirrel, disclosed that New York’s Department of Environmental Conservation (NYS DEC) had taken the animal from him. Longo, in his post on the social media platform, also mentions that the agency took a Raccoon he had reduced alongside the squirrel. 

Later on, more details came out about the confiscation that the aminal had died while in the agency’s custody.

This development sparked outrage on social media, with Elon Musk condemning the agency’s actions. A US Congressman, in a now-deleted post, also criticized the NYSD DEC for its role in the animal’s demise. 

“The government is a mindless and heartless killing machine.” Musk said about the matter.

Moments after this, meme coin traders, popularly called “degenerates,” began to buy the PNUT meme coin in droves. According to smart money platform GMGN, some of those first set of buyers put in thousands of dollars, which accelerated the token’s upward movement. 

Read more: How to Buy Solana Meme Coins: A Step-By-Step Guide

PNUT meme coin
PNUT Meme Coin Accumulation. Source: GMGN

PNUT Market Cap Rises, Falls Amid Profit-Taking

Following extensive media coverage of Peanut the Squirrel’s demise, whales began buying the meme coin in large volumes. 

For example, Lookonchain data reveals that one whale sold 5,100 Solana tokens to acquire 8.99 million PNUT, worth approximately $839,207. 

Around the same time, these whales also purchased First Convicted RACCON (FRED). As whales poured in, retail investors followed, creating significant buying pressure that pushed PNUT’s market cap above $130 million.

Peanut the Squirrel whales accumulation
PNUT Whales Purchase. Source: Lookonchain

Meanwhile, the massive buying pressure ensured that Peanut the Squirrel’s price hit a peak of $0.14. Trading volume around the Solana meme coin also surpassed $300 million at some point.

However, according to Gecko Terminal, PNUT’s market cap has decreased to $93.98 million. The price, on the other hand, has dropped to $0.094 due to the profit-taking by early buyers of the meme coin. 

Read More: 11 Top Solana Meme Coins to Watch in November 2024

Peanut the squirrel market cap
Peanut the Squirrel Performance. Source: GeckoTerminal

In addition, should the PNUT meme coin’s price rebound, it could surpass that of Moo Deng (MOODENG), another animal-themed meme coin whose market cap is about $151 million as of this writing. 

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.





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Hedera (HBAR) Bears Dominate, HBAR Eyes Key $0.15 Level

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Hedera (HBAR) is under pressure, down roughly 13.5% over the past seven days, with its market cap holding at around $7 billion. Recent technical signals point to growing bearish momentum, with both trend and momentum indicators leaning heavily negative.

The price has been hovering near a critical support zone, raising the risk of a breakdown below $0.15 for the first time in months. Unless bulls regain control soon, HBAR could face further losses before any meaningful recovery attempt.

HBAR BBTrend Has Been Turning Heavily Down Since Yesterday

Hedera’s BBTrend indicator has dropped sharply to -10.1, falling from 2.59 just a day ago. This rapid decline signals a strong shift in momentum and suggests that HBAR is experiencing an aggressive downside move.

Such a steep drop often reflects a sudden increase in selling pressure, which can quickly change the asset’s short-term outlook.

The BBTrend, or Bollinger Band Trend, measures the strength and direction of a trend using the position of price relative to the Bollinger Bands. Positive values generally indicate bullish momentum, while negative values point to bearish momentum.

HBAR BBTrend.
HBAR BBTrend. Source: TradingView.

The further the value is from zero, the stronger the trend. HBAR’s BBTrend is now at -10.1, signaling strong bearish momentum.

This suggests that the price is trending lower and doing so with increasing strength, which could lead to further downside unless buyers step in to slow the momentum.

Hedera Ichimoku Cloud Paints a Bearish Picture

Hedera’s Ichimoku Cloud chart reflects a strong bearish structure, with the price action positioned well below both the blue conversion line (Tenkan-sen) and the red baseline (Kijun-sen).

This setup indicates that short-term momentum is clearly aligned with the longer-term downtrend.

The price has consistently failed to break above these dynamic resistance levels, signaling continued seller dominance.

HBAR Ichimoku Cloud.
HBAR Ichimoku Cloud. Source: TradingView.

The future cloud is also red and trending downward, suggesting that bearish pressure is expected to persist in the near term.

The span between the Senkou Span A and B lines remains wide, reinforcing the strength of the downtrend. For any potential reversal to gain credibility, HBAR would first need to challenge and break above the Tenkan-sen and Kijun-sen, and eventually push into or above the cloud.

Until then, the current Ichimoku configuration supports a continuation of the bearish outlook.

Can Hedera Fall Below $0.15 Soon?

Hedera price has been hovering around the $0.16 level and is approaching a key support at $0.156.

If this support fails to hold, it could open the door for further downside, potentially pushing HBAR below the $0.15 mark for the first time since November 2024.

HBAR Price Analysis.
HBAR Price Analysis. Source: TradingView.

However, if HBAR manages to reverse its current trajectory and regain bullish momentum, the first target to watch is the resistance at $0.179.

A breakout above that level could lead to a stronger rally toward $0.20 and, if momentum continues, even reach $0.215. In a more extended bullish scenario, HBAR could climb to $0.25, signaling a full recovery and trend reversal.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Coinbase Tries to Resume Lawsuit Against the FDIC

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Coinbase asked a DC District Court if it could resume its old lawsuit against the FDIC. Coinbase sued this regulator over Operation Choke Point 2.0 and claimed that it’s still refusing to release relevant information.

Based on the information available so far, it’s difficult to draw definitive conclusions. The FDIC maintains that it responded to its opponents’ questions truthfully, though it has shown delays in the past.

Coinbase vs the FDIC

Coinbase, one of the world’s largest crypto exchanges, has been in a few fights with the FDIC. The firm has been pursuing the FDIC over Operation Choke Point 2.0 for months now, and has achieved impressive results. Despite this, however, Coinbase is asking the DC District Court to resume its litigation against the regulator:

“We’re asking the Court to resume our lawsuit because the FDIC has unfortunately stopped sharing information. While we would have loved to resolve this outside of the legal system – and we do appreciate the increased cooperation we’ve seen from the new FDIC leadership – we still have a ways to go,” claimed Paul Grewal, Coinbase’s Chief Legal Officer.

The FDIC has an important role in US financial regulation, primarily dealing with banks. This gave it a starring role in Operation Choke Point 2.0, hampering banks’ ability to deal with crypto businesses. However, it recently started a pro-crypto turn, releasing tranches of incriminating documents and revoking several of its anti-crypto statutes.

Grewal said that he “appreciated the increased cooperation” from the FDIC but that the cooperation stopped weeks ago. According to Coinbase’s filing, the FDIC hasn’t sent any new information since late February and claimed in early March that the exchange’s subsequent requests were “unreasonable and beyond the scope of discovery.”

On one hand, the FDIC has previously been slow to make relevant disclosures in the Coinbase lawsuit. On the other hand, Operation Choke Point 2.0 sparked significant tension within the industry, and a determined group is now aiming to significantly weaken the regulatory bodies involved.

Until the legal battle continues, it’ll be difficult to make any definitive statements. The FDIC will likely have two weeks to respond to Coinbase’s request.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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BlackRock’s Larry Fink Thinks Crypto Could Harm The Dollar

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Larry Fink, CEO of BlackRock, claimed in a recent letter that Bitcoin and crypto could damage the dollar’s international standing. If investors treat Bitcoin as an inflation hedge to the dollar, it could precipitate serious trouble.

However, he was also adamant that the industry offers a lot of advantages, particularly through tokenization.

Larry Fink Sees Opportunity in Crypto

BlackRock is the leading Bitcoin ETF issuer in the US, and its CEO Larry Fink has long been bullish on Bitcoin. However, as Fink described in his most recent Annual Chairman’s Letter to investors, crypto’s best interest doesn’t always align with TradFi or the dollar.

“The US has benefited from the dollar serving as the world’s reserve currency for decades. But that’s not guaranteed to last forever. By 2030, mandatory government spending and debt service will consume all federal revenue, creating a permanent deficit. If the US doesn’t get its debt under control… America risks losing that position to digital assets like Bitcoin,” he said.

To be clear, Fink insisted that he supports crypto and listed some practical problems that he believes it can solve. He expressed a particular interest in asset tokenization, claiming that a digital-native infrastructure would improve and democratize the TradFi ecosystem.

Despite these advantages, Fink recognizes the danger that crypto can present to the US economy if not properly managed. He addressed the longstanding practice of using crypto to hedge against inflation, a wise practice for many assets.

However, if a wide swath of investors think Bitcoin is more stable than the dollar, it would threaten USD’s status as the world reserve currency. A scenario like that would be very dangerous to all of TradFi, and Fink has a particular interest in protecting BlackRock. Such an event would doubtlessly impact crypto as well.

“Decentralized finance is an extraordinary innovation. It makes markets faster, cheaper, and more transparent. Yet that same innovation could undermine America’s economic advantage if investors begin seeing Bitcoin as a safer bet than the dollar,” Fink added.

He didn’t offer too many specific solutions to this growing problem, but Fink isn’t the only person concerned with the issue. President Trump recently suggested that stablecoins could promote dollar dominance worldwide. Even if the dollar is seen as unstable, its adoption within a rapidly growing global industry like stablecoins could help reinforce its strength and relevance.

Of course, there are also drawbacks to Trump’s plan. Larry Fink acknowledged a possible threat from crypto, but continues to espouse its utility. Its benefits are too good to ignore.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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