• Crypto & Funx
• 05 Nov, 2024

PNUT's Relative Strength Index (RSI) has fallen below the neutral line to 45.81, indicating declining buying momentum.

The coin is trading above a key support level of $0.97, with risks of falling to $0.55.

Binance founder Changpeng Zhao (CZ) criticized the meme coin ecosystem, urging a focus on meaningful blockchain projects.

Solana-based Peanut the Squirrel meme coin is facing significant selling pressure correcting 10% in the last 24 hours while extending its weekly losses to more than 36%. As of press time, PNUT is trading at $1.08 and has been continuously moving sideways from its all-time high of $1.95 in mid-November.

An analysis of the PNUT/USD 12-hour chart highlights an increase in selloffs for the meme coin. Currently, PNUT price is positioned below the red line of its Super Trend indicator. this indicator helps to gauge the overall direction and strength of asset price trends.

The Super Trend indicator is represented as a line on the price chart, changing color based on the trend’s direction: red for a downtrend and green for an uptrend. When the red line appears above the asset’s price, it signals a continued downtrend, indicating persistent bearish momentum.

Courtesy: TradingView

Furthermore, the Relative Strength Indicator (RSI) for the PNUT meme coin has slipped under the 50-neutral line which confirms the uptick in the selling activity. With a Relative Strength Index (RSI) of 45.81, PNUT shows a decline in buying momentum, suggesting the possibility of continued price depreciation.

Currently, PNUT price is above the support level of $0.97. If it breaks this support, it can fall further to $0.55, breaking this could push it to its all-time low of $0.03.

Binance Founder CZ Calls Meme Coins Weird

founder has urged the crypto community to shift its focus from meme coins and focus on real-world meaningful projects running on the blockchain. On November 26, Changpeng Zhao expressed his increasing dissatisfaction with the meme coin ecosystem. In a post on X, he remarked that meme coins have shifted from being amusing in their early days to becoming “a little” weird.

I am not against memes, but meme coins are getting "a little" weird now.

Let's build real applications using blockchain.

— CZ ? BNB (@cz_binance) November 26, 2024

I am not against memes, but meme coins are getting "a little" weird now.

Let's build real applications using blockchain.

— CZ ? BNB (@cz_binance)

Many of Zhao’s followers backed his call to prioritize developing real decentralized applications (DApps) over capitalizing on hype. However, some critics pointed fingers at Binance, his former crypto exchange, for listing meme coins that lack clear utility.

On the other hand, some users questioned why Binance’s crypto derivatives platform Binance Futures continues to list new meme coins on its platform. Following the listing of two meme coins, WHY and CHEEMS, on Monday, November 26, their market price crashed within a day.

Following CZ’s comments on meme coins today, the selling pressure in this sector has intensified. top meme coins like dogecoin , Shiba Inu Pepe Coin , and Bonk are all down by 10-15%.