Solana-based memecoin Peanut the Squirrel ($PNUT) crossed the $1 billion market cap and caught traders' attention on Nov.14. As $PNUT's price rises, many wonder if it's a lasting success or another bubble.
$PNUT Price Trend | Source: KuCoin
In a few days, $PNUT surged 266.17%, pushing its market cap to $1.68 billion. The current price is $1.68. This growth surprised even seasoned traders. Rapid growth brings risks. The Fear and Greed Index for $PNUT is at 84, showing extreme greed. High optimism can push prices higher but also lead to sharp corrections. Memecoin markets are volatile, and $PNUT is no exception.
Technical analysts remain cautiously optimistic. Some predict $PNUT could reach $4.73 by December, representing another 211.12% gain. This forecast comes from trading volumes, technical indicators, and memecoin momentum. Yet, the history of memecoins like Dogecoin and Shiba Inu shows that rapid gains often end in corrections.
$PNUT's volatility remains a key risk. Over the past 30 days, $PNUT had 50% of days in the green. This signals growing confidence but doesn't guarantee long-term stability. Memecoins rely on community sentiment and speculation rather than strong fundamentals, making prices unpredictable. Potential investors must weigh the risks. The best advice is to invest only what you are willing to lose. Memecoins offer big rewards but carry major risks.
Read Also: Solana Leads 89% New Token Launches, Bitcoin’s Path to $100K in November, and $PNUT’s Meteoric $1 Billion Rise: Nov 15
Is Peanut the Squirrel (PNUT) a Good Investment?
Investing in Peanut the Squirrel (PNUT) comes with several potential advantages:
-
Rapid Market Growth: Since its launch, PNUT has seen impressive price increases, including a 133% rise in one day and now 806% in one week, showing strong market interest.
-
High Trading Volume: PNUT has reached trading volumes of up to $300 million, indicating active market participation.
-
Influential Endorsements: Figures like Elon Musk have commented on Peanut, bringing extra attention to the token.
-
Exchange Listings: Listings on major exchanges like KuCoin have improved accessibility and liquidity, boosting PNUT's price.
-
Community Engagement: PNUT has attracted a dedicated community, creating support that helps drive growth and stability.
These factors highlight PNUT's potential, but it's crucial to remember that it is a memecoin and highly volatile. Always conduct thorough research and consider your risk tolerance before investing.
How to Buy $PNUT on KuCoin
Choose how you want to buy Peanut the Squirrel on KuCoin, buying cryptocurrencies is easy and intuitive on KuCoin. Let's explore the different ways of buying Peanut the Squirrel (PNUT):
Buy Peanut the Squirrel (PNUT) with crypto on the KuCoin Spot Market
With support for 700+ digital assets, the KuCoin spot market is the most popular place to buy Peanut the Squirrel (PNUT). Here's how to buy:
1. Buy stablecoins such as USDT on KuCoin using the Fast Trade service, P2P, or through third-party sellers. Alternatively, transfer your current crypto holdings from another wallet or trading platform to KuCoin. Make sure your blockchain network is correct, since depositing crypto to the wrong address may result in loss of assets.
2. Transfer your crypto to a KuCoin Trading Account. Find your desired PNUT trading pairs in the KuCoin spot market. Place an order to exchange your existing crypto for Peanut the Squirrel (PNUT).
Tip: KuCoin offers a variety of order types to buy Peanut the Squirrel (PNUT) in the spot market, such as market orders for instant purchases and limit orders for buying crypto at a specified price. For more information about order types on KuCoin, click here.
3. As soon as your order is successfully executed, you will be able to see your available Peanut the Squirrel (PNUT) in your Trading Account.
How to Store Peanut the Squirrel (PNUT)
The best way to store Peanut the Squirrel (PNUT) varies based on your needs and preferences. Review the pros and cons to find the best method of storing Peanut the Squirrel (PNUT).
Store Peanut the Squirrel in Your KuCoin Account
Holding your crypto in your KuCoin account provides quick access to trading products, such as spot and futures trading, staking, lending, and more. KuCoin serves as the custodian of your crypto assets to help you avoid the hassle of securing your private keys on your own. Make sure to set up a strong password and upgrade your security settings to prevent malicious actors from accessing your funds.
Hold Your Peanut the Squirrel in Non-Custodial Wallets
"Not your keys, not your coins" is a widely recognized rule in the crypto community. If security is your top concern, you can withdraw your Peanut the Squirrel (PNUT) to a non-custodial wallet. Storing Peanut the Squirrel (PNUT) in a non-custodial or self-custodial wallet grants you complete control over your private keys. You can use any type of wallet, including hardware wallets, Web3 wallets, or paper wallets. Note that this option may be less convenient if you wish to trade your Peanut the Squirrel (PNUT) frequently or put your assets to work. Be sure to store your private keys in a secure location as losing them may result in the permanent loss of your Peanut the Squirrel (PNUT).
Conclusion
$PNUT's rise to a $1 billion market cap impresses, but sustainability remains in question. The memecoin's rapid growth draws attention, yet high volatility and market sentiment suggest caution. Whether $PNUT continues its climb or faces a correction is uncertain. For now, it has earned its place in crypto history, and investors are watching closely.
Read More: Top Solana Memecoins to Watch in 2024
