Peanut the Squirrel has rapidly gained prominence in the cryptocurrency sector, establishing itself as a leading memecoin on the Solana blockchain. Within a 24-hours span, PNUT surged almost 200% to attain an all-time high price of $2.4 on November 14, before stabilizing at approximately $2.23.
This rapid ascent has rendered it the highest daily gainer and elevated its market capitalization to about $1.8 billion, securing its position within the top 50 cryptocurrencies.
The Excitement Surrounding The Increase: The Elon Musk Influence
The increase in PNUT’s price can be mostly ascribed to a tweet from Elon Musk, in which he remarked, “America was saved by a squirrel and a meme coin!”
This tweet rapidly gained popularity, akin to the other endorsements made by Elon Musk that have propelled other memecoins, such as Dogecoin, to new heights.
The origin of PNUT enhances its appeal; it was established in reaction to popular indignation about the euthanasia of a pet squirrel named Peanut by New York City’s Department of Environmental Conservation. This occurrence elicited extensive sympathy and discourse on social media channels, highlighting the token.
Apart from the influence of Elon Musk, PNUT has profited from the broader increase in the bitcoin market, partly resulting from recent political developments following the triumph of the Republicans in the US elections.
While these factors are associated with a period of increased market activity and speculation, many investors are now turning their attention to PNUT in anticipation of possible gains.
PNUT: Trading Activities And Market Positioning
The escalation of the trading volume of the meme coin courtesy of an Elon Musk social media post, however, increased by nearly 280% during the same 24-hour period making it approximately $5.75 billion. This upsurge in trading activity is indicative of the strong fervor and expectation level possessed by investors towards the token’s future performance.
Subsequent to its recent debut on Binance, PNUT has garnered attention and is currently ranked as the third-largest memecoin on Solana, following established entities such as dogwifhat (WIF) and Bonk (BONK).
Market analysts exhibit optimism regarding PNUT’s future prospects. Technical indications indicate a bullish trend, with forecasts suggesting a potential 300% gain in value in the forthcoming days. Should PNUT surpass its existing resistance level of $2.3, it could facilitate the attainment of elevated ambitions.
The Road Ahead
Many investors want to find out if PNUT can keep its momentum and reach fresh highs. There is clear excitement about this memecoin; some estimate it may hit $6 immediately if it continues its increasing trend. All cryptocurrencies still naturally have volatility, though.
Peanut the Squirrel’s rise reflects bitcoin’s rapid wealth swings. PNUT’s unique tale and solid sponsorships have drawn cryptocurrency newcomers and veterans. As the story progresses, PNUT’s ability to dominate the ever-changing digital asset market will be highlighted.
Featured image from Pexels, chart from TradingView
