Musk ‘Peanut’ Tweet Sparkt PNUT Rally, Volume & Futures Surge
Elon Musk dem tok long X about one squirrel wey dem tok say dem used euthanasia on im, him name na Peanut, make PNUT memecoin wey dey based for Solana rally pass 10%. PNUT token price peak for $0.235 before e settle for around $0.2193. On-chain data show say daily trading volume jump over 150% to $273 million, and open interest for PNUT futures climb 14% to $132 million. For before time, volume raise 80% to $215 million, wey raise PNUT market cap to about $224 million for 1-billion-token supply. Traders use Solana low fees and fast speeds, crypto bots and retail investors dey push buy orders. Even though say e be speculative rally, PNUT no get official utility or roadmap. Crypto strategist Javon Marks talk say e fit breakout 654% go $1.79, e talk say momentum strong but warn say gains wey depend on sentiment fit quickly reverse. Traders suppose think about profit-taking to manage bubble risk.
Bullish
Elon Musk endorsement through di 'Peanut' tweet cause immediate buying pressure on PNUT, e show for di double-digit price gains, record high trading volumes, plus increase open interest for futures. Short-term trading desks and retail investors react quick quick on Solana low-fee network, wey mean say market dey bullish. Technical analyst projection talk say price fit increase by 654% reach $1.79, wey make di positive outlook strong. But di lack of proper use, old volatility of meme tokens, plus reliance on viral stories fit bring serious risks. Overall, di news good for PNUT short term but abeg make dem dey cautious for long-term positions.