PNUT Takes Away Limelight from GOAT in Recent Meme Coin Rally

A squirrel-inspired viral meme coin Peanut the Squirrel PNUT $0.17 24h volatility: 13.5% Market cap: $174.98 M Vol. 24h: $153.87 M has been hogging the limelight with over 3000% surge in the last two weeks. More importantly, it has overshadowed the likes of Goatseus Maximus (GOAT) which is also up by 200% in the same timeframe.

GOAT, which was once dominant among meme coin traders, sees that it’s losing attention to PNUT. With the arrival of Peanut the Squirrel (PNUT), the social dominance of GOAT has dropped significantly since November.

For a large part of the last month of October, GOAT commanded strong investor attention. However, PNUT’s arrival changed the scenario, putting GOAT out of the top trending cryptocurrencies.

PNUT Social Sentiment on the Rise

As per the social sentiment indicator from blockchain analytics firm Santiment, PNUT has emerged as the most popular crypto among investors. This is based on the meme coin’s surge in mentions and active participation in social channels.

This heightened attention has significantly affected GOAT, with its declining engagement metrics indicating a loss of momentum. The rivalry among these meme coins is actively reshaping market dynamics.

PNUT’s surge is linked to the viral fame of Peanut, a beloved pet squirrel whose tragic death sparked public outrage during the US election season. The incident garnered widespread attention, with even high-profile figures like Elon Musk amplifying the trend.

However, not everything is bad for Goatseus Maximus (GOAT) at this stage. The funding rate for GOAT remains in the positive territory suggesting that investor confidence remains high. Furthermore, the long contracts for GOAT have increased which shows that traders are confident of its price recovery.

Despite this positive on-chain metric, GOAT continues to be facing volatility amid the broader market movements. Currently, the bulls are trying to defend the crucial support level of $1.0.

GOAT Price Action Ahead

The GOAT price has seen a strong correction in the last 24 hours, dropping 25% from the high of $1.36 all the way to $1.01. As the asset approaches the crucial $1.00 threshold, continued bearish momentum could drive further declines.

The key support level lies at $0.72, and a dip in this zone may signal deeper losses for investors. Breaking below this support could intensify the bearish trend, reducing chances for a quick recovery.

On the other hand, a rebound from $0.72 could position GOAT to challenge previous highs and potentially set a new all-time high (ATH). This would negate the bearish outlook and reaffirm GOAT’s status as a leading player in the meme coin market.

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