Nov 14, 2024
6thTrade
In the latest wave of meme coin rallies, the Department of Government Efficiency (DOGE) launched, setting off a surge across the meme coin market. Among the newest stars is PNUT, a Solana-based meme coin created in response to public outrage over the euthanization of Peanut the Squirrel by New York City officials, sparking a movement for “Justice for PNUT.”
Peanut the Squirrel Goes Viral, PNUT Reaches $1.5B Market Cap
The story of Peanut’s controversial demise has resonated widely, transforming into a viral meme coin, PNUT, which achieved a $1.5 billion market cap within just two weeks. The squirrel-themed coin has captured the attention of social media, gaining triple-digit percentage increases and emerging as a major player in the Solana (SOL) meme coin ecosystem.
High-Profile Support from Elon Musk and Donald Trump
PNUT’s price discovery coincided with Donald Trump’s re-election announcement, and both Elon Musk and Trump have amplified the coin’s presence on social media. Musk’s recent retweet of a six-year-old meme showing a squirrel in iron armor has become a rallying point, with Musk commenting, “The prophecy has been fulfilled” and adding a peanut emoji. This endorsement helped boost PNUT to an all-time high of $1.79, with a 269% increase over the past 24 hours and $4.2 billion in trading volume, making it one of Solana’s top meme coins alongside Dogwifhat (WIF) and Bonk (BONK).
PNUT’s Market Performance and Trading Activity
PNUT’s rapid rise is notable, with nearly identical supply metrics to Dogwifhat (WIF) at 999 million tokens. As of today, PNUT is priced at $3.69, driven by both spot and leveraged trading volumes. Leveraged markets have seen heightened activity, with a staggering $11.13 billion in trading volume in just 24 hours, according to CoinGlass. This trend has led to $12.55 million in liquidated long positions, highlighting the intense interest in PNUT’s trajectory.
Meme Coins and Community Impact
The PNUT coin represents more than just a meme; it has formed a community united around the shared belief in animal rights and against perceived cruelty. This support has fueled its rally, turning a viral incident into a movement with staying power in the meme coin space.
Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.
