Peanut The Squirrel ($PNUT) looks precariously close to losing its billion dollar market cap after absorbing losses of 34% in the last seven days, the heaviest losses among any of the top 50 meme coins.
Virtually all of the top ten meme coins by market cap depreciated over the last week except for the two sector leaders, Dogecoin ($DOGE) and Shiba Inu ($SHIB). The pair both rose around 2% to trade at $0.4033 and $0.00002551 respectively.
Two other top ten meme coins fell by double-digit percentages this week: $PNUT’s Solana chain mate Bonk ($BONK) dropped 22% down to $0.00004443, while Popcat ($POPCAT) tumbled 25% down to $1.30.
This 7-day downturn for meme coins runs contrary to the performance of regular cryptocurrencies. Market leader Bitcoin ($BTC) rose 2% over the week to trade at $95,999, while Ethereum ($ETH) blew up 14.4% to $3,561.
Peanut the Squirrel’s Recent Performance.
Peanut the Squirrel’s performance over much of the last fortnight suggests the token is relatively stable. It gradually descended from around $2 down to its current level of $1.04, although the fact its above a dollar, with a market cap slightly over $1 billion, lends it psychological support that could buoy the coin at its current level.
However, $PNUT fans want green candles. For the moment, its performance in the short-term looks uncertain. As we can see from the start of the week, $PNUT has struggled to maintain a relative strength index (RSI) above 50, which indicates a gradual sell-off.
Luckily for them, very little panic selling or profit-taking have yet occurred, as we can see by the fact that the RSI is rarely under 30, a common signal for oversold assets.
At 41 and falling, Peanut could venture into oversold territory by the end of the week, which will likely attract a new wave of dip buyers, but without some genuine $PNUT FOMO, or a propitious crypto news cycle, any gains will likely be slight.
Beyond Peanut: Crypto All-Stars Puts Meme Coins To Work Fo Tasty Staking Rewards
With Bitcoin clocking new all-time highs and Peanut The Squirrel exploding onto the scene, the festive season looks set to be an exciting time for meme coins.
For investors looking to buy into projects before they hit the open market, there is a world of micro-cap meme coin ICOs, where many new species of meme coin are just launching.
One such offering is Crypto All-Stars. It has raised over $6.3 million at presale as meme coin fans pile in to take advantage of its alluring and useful premise. It hopes to change the negative perceptions around meme coins by enabling crypto fans to put their digital funny tokens to work and generate yield.
Central to the platform is a bit of software called the MemeVault protocol, which already integrates some of the the world’s biggest meme coins, with more coming later, according to the team.
Users can currently stake Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin in the MemeVault to earn passive income. If Peanut the Squirrel remains a billion market cap meme coin, it’s likely to join the stellar lineup.
The current reward rate for staking these coins is an impressive 335% in the form of $STARS.
Following the purchase, investors can begin staking for rewards and claim the tokens once the presale ends.
Head to the website to buy $STARS with ETH, USDT, BNB, or even by card. Hurry, because the presale ends in around 22 days.
Follow Crypto All-Stars on social media – X (Twitter) | Telegram to stay up-to-date on all the developments.
Visit the Crypto All-Stars Presale Website Here
The post Peanut The Squirrel Remains A Billion Dollar Market Cap Meme Coin Despite 30% $PNUT Weekly Crash – What’s Next? appeared first on Cryptonews.
