Memecoins Surge as “Peanut the Squirrel” Becomes a Viral Icon in Solana’s DeFi Market

In a whirlwind of events, memecoins inspired by “Peanut the Squirrel” have made an explosive entry into Solana’s decentralized finance (DeFi) ecosystem, with some tokens reaching market capitalizations of over $120 million.

The sudden surge in Peanut-themed tokens follows a controversial incident involving Peanut, a popular squirrel with over 600,000 social media followers managed by Mark Longo. On October 30, New York’s Department of Environmental Conservation reportedly seized and euthanized Peanut along with a raccoon named Fred after complaints alleging inadequate housing. Heartbroken by the loss, Longo took to Instagram to express his frustration:

“Well internet, you WON. You took one of the most amazing animals away from me because of your selfishness. To the group of people who called DEC, there’s a special place in hell for you.”

Longo first rescued Peanut around seven years ago after witnessing the animal’s mother struck by a car. Due to injuries that would make survival in the wild unlikely, Longo nursed Peanut back to health and raised him as a companion. This recent event has sparked outrage online, with high-profile figures like Elon Musk condemning the decision, calling it “mindless” and “heartless.”

Peanut-Themed Memecoins Enter the Market

Peanut’s tragic story and growing fame have spurred the creation of a series of memecoins themed around the beloved squirrel. According to decentralized exchange tracker Dexscreener, multiple Peanut-inspired tokens have been launched on the Solana network, and two of these tokens have even climbed into the top 10 in Dexscreener’s 24-hour charts.

One token, simply named “Peanut the Squirrel” (PNUT), has seen staggering activity. Within two days, it recorded nearly $300 million in trading volume across more than 200,000 transactions. After reaching a peak market capitalization of $120 million, the token has since settled at around $100 million following a brief correction.

Another Peanut-themed memecoin launched on the BNB Smart Chain has also attracted significant attention, reaching a market cap of $80 million with trading volumes exceeding $110 million.

Meanwhile, a Fred-themed token, “First Convicted Raccoon” (FRED), was launched in homage to the raccoon euthanized alongside Peanut. Although it recorded an impressive 150,000 transactions and an $83 million trading volume, the project currently has a more modest market capitalization of $8.2 million.

The Rise of Memecoins in DeFi

This latest trend demonstrates the power of internet culture in shaping DeFi markets. Peanut’s story, coupled with the outrage surrounding his passing, has sparked a unique movement, drawing both sympathy and speculative investment from the crypto community.

PNUT: The Meme Coin Turning Tragedy into Opportunity

PNUT – In a matter of days, the Solana-based meme coin Peanut the Squirrel (PNUT) has skyrocketed from relative obscurity to $150 million in trading volume, fueled by a potent mix of public outrage and pre-election fervor.

The Viral Story of Peanut

The story gained significant traction when Mark Longo, Peanut’s caretaker, announced on social media that New York’s Department of Environmental Conservation (DEC) had taken Peanut and another pet, a raccoon named Fred, citing rabies concerns. The tragic narrative surrounding Peanut—a beloved pet squirrel seized and ultimately euthanized by New York state authorities—exemplifies the unpredictable impact that social media can have on the crypto market.

Peanut had become an internet sensation with over 500,000 followers, cherished not only as a pet but also as a family member and a staple in Longo’s online community. As the news spread, backlash against the DEC intensified, especially after Elon Musk, CEO of Tesla and SpaceX, weighed in on the situation. Musk, a prominent supporter of presidential candidate Donald Trump, criticized the DEC’s actions, tweeting, “The government should not be allowed to barge into your house and kill your pet! That’s messed up.”

Musk’s Influence on PNUT’s Surge

Musk’s pinned tweet on the matter also referenced PNUT, aiming to draw more attention to Peanut’s story. This endorsement sparked increased interest, pushing PNUT’s price to a peak of $0.14 before early investors began cashing in on their profits. Musk has a history of tweeting memes related to the crypto industry, including his affection for Dogecoin, which likely contributed to the frenzy surrounding Peanut.

As the U.S. presidential election on November 5 approaches, others have quickly politicized Peanut’s story. At a rally in Sanford, North Carolina, Senator JD Vance, who is Trump’s running mate, remarked that Trump was “fired up” about the situation, framing Peanut’s death as a glaring example of government overreach. Vance and other conservative figures, including New York Congressman Nick Langworthy, contended that authorities should focus on more pressing issues instead of targeting animals, using Peanut’s plight as a campaign talking point.

Market Reaction and Price Stabilization

Despite the initial excitement, the frenzy surrounding PNUT appears to be cooling down. According to Gecko Terminal data, the market cap of PNUT has since fallen to $49 million, with the price dropping to $0.04 as early investors began to take profits, stabilizing the token after its explosive ascent.

In a heartfelt social media post, Longo expressed his grief over Peanut’s loss and his determination to continue the squirrel’s legacy, stating, “I will set up a fundraiser for those who want to donate in Peanut’s name. I’ll never give up on this nonprofit or those who fell in love with Peanut.”

Sui Price Volatility and Investor Uncertainty on the Rise

Over the past month, Sui (SUI) has experienced significant price volatility, sparking a surge in negative sentiment around the asset. On October 14, SUI reached an all-time high (ATH) of $2.36, fueled by a strong bullish trend in the broader cryptocurrency market. Contributing to this positive momentum was the launch of MLS Quest, a Major League Soccer-themed non-fungible token (NFT) platform, developed in collaboration with the gamified blockchain startup, Sweet. Another major development supporting SUI’s rally was the launch of USD Coin on Sui’s mainnet, which added to investor enthusiasm.

However, SUI’s upward momentum was short-lived. Within two weeks of its ATH, the asset began to lose steam as the overall crypto market underwent a correction.

Negative Sentiment and Declining Interest

Santiment data shows a significant drop in the weighted sentiment around SUI on social platforms, shifting from a positive 0.06 to a negative -0.06 over the past two days. This change suggests rising fear, uncertainty, and doubt (often referred to as FUD), which can lead to downward pressure on an asset’s price.

Additionally, market intelligence data indicates that the total open interest in SUI’s perpetual contracts fell sharply—from $895 million on October 7, during the peak of the market rally, to $330 million at present. This marks a two-month low for SUI’s open interest.

Despite the increasingly negative sentiment, there has been a slight recovery in SUI’s funding rate, which moved from -0.002% to 0.01% as its price briefly rose above $1.95 earlier today.

Current Performance and Potential Risks

As of the latest data, SUI has gained 0.3% in the past 24 hours and is currently trading at $1.88. With a market cap of $5.3 billion, SUI remains the 18th-largest cryptocurrency by market capitalization. The asset’s daily trading volume has surged by 30%, reaching $630 million.

However, SUI faces the risk of further correction. If this occurs, it could lead to substantial long liquidations, potentially causing investor panic and a broader selloff due to the prevailing negative sentiment surrounding the asset.

Bitcoin News – Bitcoin Volatility Hits Three-Month High Ahead of November 5 Election

Bitcoin News – As the United States presidential election approaches on November 5, the price of Bitcoin is anticipated to swing by at least 10%, depending on the outcome. Recent analysis indicates that Bitcoin’s volatility has surged, reaching its highest level in three months.

Current Bitcoin Trends

In a post on November 4, renowned trader Daan Crypto Trades shared insights with his 389,000 followers on X, highlighting that Bitcoin’s recent weekly close of $68,806 appeared unstable. Despite this, he noted that the looming election would play a significant role in shaping market movements. Bitcoin is currently trading at $68,682, reflecting a slight 0.5% decrease over the past 24 hours.

Rising Volatility Amidst Uncertainty

Bitcoin’s volatility index hit a new three-month peak on November 3, according to data from crypto derivatives exchange Derebit. Last week, the cryptocurrency almost reached its all-time high, surging to $74,649 on October 29 before a sharp sell-off attributed to election uncertainty.

Resistance and Support Levels

In an investment note reviewed by Cointelegraph, IG Markets analyst Tony Sycamore emphasized the need for Bitcoin to sustain a break above the $74,000 resistance level to confirm a potential uptrend. A successful breakout could propel Bitcoin towards the $80,000 mark. Conversely, Sycamore cautioned that a sustained retreat below the $65,000 support level might signal a failure of last week’s rally, pushing Bitcoin back into a seven-month downward trend channel.

Election Sentiment and Candidate Impacts

The sentiment surrounding Bitcoin ahead of the election remains optimistic. Analysts are noting a bullish trend for risk assets, with several favorable conditions anticipated regardless of which candidate emerges victorious. Donald Trump, known for his pro-crypto stance, is viewed as more favorable for cryptocurrency markets, having pledged to protect and promote innovation within the U.S. crypto industry.

On the other hand, Kamala Harris has only recently acknowledged cryptocurrencies, mentioning her administration’s intention to encourage investment in both artificial intelligence and digital assets during a brief comment on September 22.

Federal Reserve Policies and Market Implications

Outside of the election dynamics, market participants are closely watching the U.S. Federal Reserve. Following a 50-basis-point cut on September 18, further interest rate reductions are expected. Such monetary policy is generally perceived as bullish for crypto assets, as lower rates make safer investments like term deposits less attractive to investors.

As the election date nears, Bitcoin traders are preparing for significant price movements. With expectations of at least a 10% swing and the potential for both bullish and bearish trends, the outcome of the U.S. presidential election could reshape the landscape for Bitcoin and other cryptocurrencies. Traders and investors alike will be watching closely, weighing the implications of election results alongside ongoing market dynamics.

FAQ: Impact of U.S. Election on Bitcoin

Ethereum Price struggles: Fibonacci Resistance Zone Holds as $2.4K Support Tested

The latest price moves of Ethereum indicate a significant seller presence, especially in the vicinity of the 100-day moving average’s crucial resistance area. Increased downward pressure is indicated by this price movement, and a corrective consolidation is anticipated soon.

At the $2.6K resistance level, which corresponds to the 100-day moving average, Ethereum lately experienced increased selling activity. The asset was pushed back toward the dynamic support at the middle trendline of the channel, which is close to $2.3K, as a result of the rejection. The sellers’ presence at this resistance zone indicates that, at least in the medium term, it continues to be a major obstacle for buyers.

Ethereum Faces Intense Selling Pressure Near Key Fibonacci Resistance at $2.6K-$2.8K

Significant selling pressure was applied to Ethereum’s recent rally on the 4-hour chart, which was centered on the resistance zone between the 0.5 and 0.618 Fibonacci levels ($2.6K-$2.8K). This region has acted as a robust barrier, suggesting a concentration of supply. A confirmed breakout and price activity around this zone will determine a change toward a bullish trend.

At $2.4K, Ethereum is currently holding close to the flag’s bottom threshold. The price may move toward $2.1K if this support is broken since this might set off a chain reaction of liquidations. The more likely scenario, though, is a period of consolidation around this support level, during which ETH can rise again toward the 0.5 Fibonacci level until a clear breakout takes place.

Ethereum Price Nearing a Major Breakout: $2.4K Support in Focus

The price of Ethereum has been settling into a small range, indicating that the market is unsure. However, according to futures market data, a breakout would trigger a significant liquidation event, which would probably intensify the current trend. The chart indicates that liquidity has consolidated below the $2.4K mark, indicating that this price range could be crucial shortly. A downward breakdown might draw more selling and force long-term purchasers to exit their positions, escalating the bearish trend, according to significant liquidity pools below $2.4K.

The price of Ethereum may drop to the $2.1K support level as a result of a series of liquidations in a long squeeze scenario. For sellers, the $2.4K range is a desirable price reduction level. On the other hand, purchasers’ activities at this level will be significant in deciding the overall market trend, making it a vital line of defense. In the end, Ethereum’s price action around the $2.4K mark will determine the short-term trend; any movement outside of this range may indicate a more significant change in direction.

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