"Deep Dive into PNUT: Chart Setup + Market Sentiment + Risk Warn

PNUT (Peanut the Squirrel) is a meme-based ERC-20 token with a total supply of around 1 billion and a circulating market cap of approximately $287 million. Despite lacking any technical utility or innovative features, PNUT has seen massive short-term growth, gaining over 124% in the past 30 days, though it has corrected by over 21% in the last week. It reached an all-time high of $2.44 in November 2024. Technically, it recently broke out of a falling wedge pattern and shows bullish divergence on the RSI, indicating potential for another upward move. PNUT thrives on social media hype and community-driven momentum rather than fundamentals. While its current setup on the chart shows a favorable risk-reward for a spot trade, it remains a highly volatile and speculative asset. Investors should be cautious and fully aware that PNUT’s price is heavily influenced by internet trends and crowd sentiment, not intrinsic value or utility.