Market
Why the PNUT Meme Coin Price May Revisit All-Time Low
The price of Solana-based meme coin Peanut the Squirrel (PNUT) has declined by double digits as the market’s meme coin mania wears off. PNUT trades at $1.09 as of this writing, shedding 36% of its value in the past seven days.
With strengthening bearish pressure, PNUT’s price may revisit its all-time low of $0.031. This analysis delves into why.
Peanut the Squirrel Loses Bullish Support
An assessment of the PNUT/USD 12-hour chart confirms the uptick in the meme coin’s selloffs. For example, as of this writing, PNUT’s price rests below the red line of its Super Trend indicator, which identifies the overall direction and strength of a trend in asset prices.
This indicator appears as a line on the price chart, with its colors changing based on the trend direction: red for a downtrend and green for an uptrend. When the red line of the Super Trend indicator is above the asset’s price, it signals a downtrend, suggesting that bearish momentum will continue.
Additionally, PNUT’s declining Relative Strength Index (RSI) confirms the uptick in selling activity. At press time, the meme coin’s RSI is below the 50-neutral line at 45.81.
This indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100, with values above 70 indicating that the asset is overbought and due for a correction. Conversely, values under 30 indicate that the asset is oversold and may experience a rebound.
At 45,81, PNUT’s RSI signals the gradual decline in buying activity, indicating the potential for a sustained price drop.
PNUT Price Prediction: All-Time Low on the Horizon
PNUT currently trades at $1.09, just above the support level of $0.97. With bullish sentiment fading, the meme coin’s price risks breaching this support and continuing its downward trajectory.
According to PNUT’s Fibonacci retracement tool, the next significant support level is at $0.55. If this level fails to hold, the token could potentially revisit its all-time low of $0.03.
However, if market sentiment shifts from negative to positive, the PNUT meme coin price could climb toward $1.26, invalidating the bearish outlook.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
Binance founder and former CEO Changpeng Zhao (CZ) sparked a debate on meme coins in the crypto space. In a tweet, CZ acknowledged the entertainment value of meme coins but criticized the trend, stating, “I am not against memes, but meme coins are getting ‘a little’ weird now. Let’s build real applications using blockchain.”
His comment reflects growing concerns about the proliferation of low-utility tokens in the crypto market. This stance continues to fuel discussions among crypto investors, analysts, and industry thought leaders.
Changpeng Zhao Calls Out Meme Coins
Echoing CZ’s sentiment, prominent crypto investor Nagato agreed. Calling for “a big cleanse,” the investor highlighted the contrast between the small number of meme coins that bring joy or humor and the overwhelming majority that seem to lack any meaningful purpose or utility.
“Couldn’t agree more. Some top-tier memes are funny as hell and actually give people good vibes. But the remaining 99% are weird crap. Can’t wait for a big cleanse,” Nagato remarked.
While meme coins are often created for fun, their rise has led to concerns about their long-term value. Allegations of market manipulation further complicate the discussion around meme coins. Binance is no stranger to scrutiny in this regard. The exchange has recently faced accusations of facilitating pump-and-dump schemes involving meme coins.
As BeInCrypto reported, recent allegations pointed to cases where meme coin prices were artificially inflated. Soon afterward, however, their value collapsed as insiders cashed out, leaving retail investors with significant losses. This type of manipulation is a recurring issue. It makes it difficult for traders to distinguish between legitimate investments and speculative bubbles.
Crypto analyst Dark Crypto Larp criticized Binance’s listing policies. He pointed out that the platform, as a leading centralized exchange (CEX), has been listing meme coins instead of tokens with real-world utility.
“Unfortunately that’s what Binance has been listing nowadays instead of coins with utilities/applications,” he tweeted.
With this, Dark Crypto Larp called on Binance to do more. Specifically, the platform should steer the market toward tokens that encourage real development and innovation.
Despite these controversies, a significant portion of the crypto community continues to favor meme coins. They see it as a form of entertainment or speculative gambling. One meme coin enthusiast, Ramonos, shared his perspective.
“The world is tired of reading thousands of pages of documentation. We just wanna vibe with a picture and gamble our money on it,” Ramonos expressed.
This comment reflects the lighter, more humorous side of the meme coin phenomenon, where tokens like Dogecoin (DOGE) and Shiba Inu (SHIB), among others, have gained popularity. Their technical features, meme status, and sense of community continue to promote an expansive followership.
However, the reality of the meme coin market is far from glamorous. A recent CoinWire research shed light on the high failure rate of influencer-endorsed tokens. Specifically, over 76% of such tokens fail to deliver on their promises.
This “Meme Coin Mirage” serves as a cautionary tale for investors looking to capitalize on meme coins endorsed by celebrities or influencers. It emphasizes that the hype surrounding these tokens often leads to disappointment for those who jump in without fully understanding the risks involved.
As the meme coin market remains controversial, the debate surrounding its value and future direction is far from settled. While some see this sector’s tokens as a passing trend that lacks utility, others view them as a catalyst for community building.
What is clear, however, is that the crypto community is calling for a more responsible and transparent approach to meme coin development and listings. These calls come as the sector faces growing scrutiny and the need for accountability.
The post Binance’s Changpeng Zhao Criticizes Meme Coins, Sparks Debate on Crypto Standards appeared first on BeInCrypto.
Binance’s new delistings were revealed on Tuesday. The world’s largest crypto exchange has declared plans to cease trading eight altcoin spot trading pairs.
This action, set to take effect on December 10 at 03:00 UTC, reflects Binance’s attempts to enhance market quality.
What Binance Users Need To Do
Binance claims that it assesses the performance of its listed trading pairs as part of a commitment to ensure a high level of standard and industry requirements. With this standard, it periodically revises its token catalog, removing those that do not meet liquidity and volume thresholds. The exchange claims these measures protect users and uphold a high-quality trading environment.
“When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it. Our priority is to ensure the best services and protections for our users while continuing to adapt to evolving market dynamics,” Binance said on Tuesday.
Against this backdrop, the largest crypto exchange by trading volume metrics plans to delist the following spot trading pairs.
- GFT/USDT for Gifto, a pioneering Web3 blockchain solution
- IRIS/BTC and IRIS/USDT for IRISnet, a service protocol and cryptocurrency
- KEY/USDT for SelfKey, a blockchain-based self-sovereign identity system
- OAX/BTC and OAX/USDT for OAX, a crypto exchange platform developed by ANX International.
- REN/BTC and REN/USDT for Ren. Ren is an open protocol built to provide interoperability and liquidity between different blockchain platforms.
The exchange will remove all trade orders automatically after trading ceases in each respective trading pair.
“Please note that users will not be able to update their positions during the delisting process, and they are strongly advised to close their positions and/or transfer their assets from Margin Wallets to Spot Wallets prior to the cessation of margin trading at 2024-12-04 06:00 (UTC). Binance will not be responsible for any potential losses,” the exchange warned.
Therefore, users with an interest in these pairs may consider revising their trading strategies accordingly ahead of the Binance delistings. Importantly, the exchange will also terminate spot trading bot services for these pairs at the same time. Binance advises traders to either cancel or update their automated trades to avoid potential financial losses.
In the immediate aftermath of this round of delisting, GFT, IRIS, KEY, OAX, and REN prices have plummeted. This instability likely stems from investors losing confidence in the tokens’ prospects once the delistings happen, which could lead to further selling.
This turnout is unsurprising. Historically, token delistings from prominent exchanges tend to cause mass sell-offs.
In the same way, token listings act as bullish fundaments. The latter happened recently when Binance listed SLERF and SCRT, catapulting the token significantly amid a market frenzy.
The same happened to Akash Network (AKT), which rallied 30% on the Binance listing announcement. While listings fuel price surges, the latest turnout, therefore, reflects the impact of exchange delistings on an altcoin’s valuation.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
Ethereum price started a fresh increase above the $3,400 zone. ETH is consolidating and might aim for a move above the $3,500 resistance.
- Ethereum started a fresh increase above the $3,320 and $3,400 levels.
- The price is trading above $3,400 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $3,400 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,485 resistance zone.
Ethereum Price Holds Gains Above Support
Ethereum price remained supported above $3,220 and started a fresh increase while Bitcoin corrected gains. ETH gained pace for a move above the $3,420 and $3,450 resistance levels.
The bulls even pushed the price above the $3,500 resistance. A high was formed at $3,545 and recently the price corrected some gains. There was a move below the $3,500 level. The price dipped below the 50% Fib retracement level of the upward move from the $3,289 swing low to the $3,545 high.
However, the bulls are active near the $3,400 level. There is also a key bullish trend line forming with support at $3,400 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the upward move from the $3,289 swing low to the $3,545 high.
Ethereum price is now trading above $3,420 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,485 level.
The first major resistance is near the $3,500 level. The main resistance is now forming near $3,550. A clear move above the $3,550 resistance might send the price toward the $3,650 resistance. An upside break above the $3,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,720 resistance zone or even $3,880.
Downsides Supported In ETH?
If Ethereum fails to clear the $3,500 resistance, it could start another decline. Initial support on the downside is near the $3,420 level. The first major support sits near the $3,400 zone and the trend line.
A clear move below the $3,400 support might push the price toward $3,350. Any more losses might send the price toward the $3,285 support level in the near term. The next key support sits at $3,220.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,400
Major Resistance Level – $3,550
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