Traders in the meme market are mostly searching for that quick pump that would give them 100x in a short time.
While some are searching for it themselves, some are following influencers with the hope of reaching the same amount of profit as these influencers.
Currently, the attention of these influencers seems to be directed towards PEANIE a new Solana Meme Token that is creating a new hype in the meme sector.
New Trend on the Meme Ecosystem
PEANIE is a penguin-themed meme token that was created by an anonymous team on the Solana Blockchain.
It quickly became popular after a lot of influencers specialized in “calling out” tokens with 100x potential, essentially giving traders more than 1,000% of profit in a short time.
The trend spread like wildfire in the crypto meme trader community, especially on Twitter, where there was a lot of FOMO around PEANIE, which is speculated to be the next leader in the meme sector.
The reason behind these speculations is far from any fundamental value, which is that it will go up high just because it created a new trend, which is the use of Penguin instead of Cats or Dogs.
There was no other reason behind its popularity as there is no information about a roadmap of plans for this project, as well as a product attached to it.
It solely depended on the Penguin hype created by the community to introduce a new meme token in the market.
Some are speculating that the token will go up because the penguin narrative is strong. The speculation is based on other penguin-related assets such as the Pudgy Penguin NFT Collection that became popular, even in the bear market.
None of the new meme tokens uses Penguin as their main logo, which is why, traders are speculating that this is a new trend that will catch on among meme developers.
Price Analysis
The narrative seems to have kept the price surge strong in the last three days, as the token itself was launched on May 4th, 2024.
However, while most are predicting that the token can still go up even higher, there might be some corrections ahead.
PEANIE’s Chart / Source: Dexscreener
This is because there is a visible divergence between the volume indicators and the price movement itself.
Divergence usually can be taken as a sign of price reversal, which is why traders need to be careful before going all in on this token.
Using the transaction volume indicator and the RSI indicator, it can be seen that both currently show a bearish divergence with the price movement, giving hints of potential correction due to low volume supporting the price surge.
The next support level for this token seems to be between $0.015 and $0.01015 price level, which can be considered a good buying zone if the token holds its positive sentiment.
If the token successfully holds its support zone, then there is a potential for the token to go up even higher than what it currently is, reaching a new higher high in its uptrend.
The next target seems to be between $0.02074 and $0.02825, which could indicate that the token can go up even higher, creating a new all-time high.
However, it is worth noting that the token is still highly volatile, so it is good to always use proper risk management and not FOMO into it by basing it off influencers.
Investor Caution
While the meme hype has been exciting, remember that the crypto space can be volatile. Always conduct your research, assess your risk tolerance, and consider the long-term potential of any investment.
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