PNUT Meme Coin Sells Off After CZ Criticizes Hype

PNUT Meme Coin Price Decline Solana-based Peanut the Squirrel PNUT$1.09 meme coin experiences a lot of selling pressure. Thus, the price fell by 10% in the last 24 hours, with its weekly decline reaching over 36%. At the time of writing, PNUT is trading at $1.08 and has consistently remained on the same level since it hit a record high of $1.95 in mid-November.

A study of the PNUT/USD 12-hour chart indicates a sharp rise in sell-off for the meme coin. PNUT’s T price is below the red line of its Super Trend indicator. This indicator measures the overall direction and strength of asset price trends.

PNUT Coin Shows Bearish Momentum

The Super Trend indicator serves as a gauging tool on which price action plot, with color changing according to the trend’s direction: red stands for the downtrend, and green represents the uptrend. The red line above the asset’s price indicates that the bearish momentum persists and the downtrend continues.

Moreover, the Relative Strength Indicator (RSI) for the PNUT meme coin under 50-neutral smiley face, therefore, sellers are more active. The Relative Strength Index (RSI) of 45.81 in case of PNUT hints at the buying momentum weakening, hence there is a probability that the price will further shrink.

PNUT Meme Coin Price Decline is, at present, priced at $ 0. 97, which is reflective of the measurable support value. In the case of a breach of this support, the stock can descend to $0.5, the next support level. Finally, breaking this level could carry it to its all-time low of $0.03.

CZ Criticizes Meme Coins, Urges Focus on Blockchain Use Cases

Binance founder Changpeng Zhao has been calling for the crypto community to give up its obsession with meme coins and focus on helpful blockchain projects in the real world. On November 26, Changpeng Zhao came out openly to show his irritation with the development of meme coin ecosystems. In a post on X, he commented that meme coins have gone from being funny in the early days to getting weird.

Many of Zhao’s followers approved of his idea of working on decentralized applications (DApps) rather than exploiting hype to profit. Nonetheless, some detractors accused Binance of listing meme coins that do not have clear-cut utility; this is one of the issues that his former crypto exchange faced.

In contrast, some people felt what Binance’s crypto derivatives platform, Binance Futures, is doing should be doubted by putting up additional meme coins. They announced meme coins, WHY, and CHEEMS, listing on Monday, November 26. A day after these coins hit the exchanges, their market prices collapsed.

Consequently, after CZ remarks on meme coins were released, the selling pressure on this sector became very strong. Major meme coins include dogecoinDOGE$0.39, Shiba InuSHIB$0.000025Pepe CoinPEPE$0.000018, and Bonk.

In Summary

PNUT meme coin has been the target of massive selling pressure, losing 10% in 24 hours and more than 36% weekly. The coin is trading at $1.08 and is demonstrating bearish characteristics due to the declining RSI and its potential to drop to lower support levels. Binance CEO CZ noted the emphasis on meme coins calling for a change to a more practical approach to blockchain technology, inspiring massive sell-offs that were felt by the entire sector.

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