The crypto market has seen an unprecedented surge, with Bitcoin hitting a new record high of $89,000 on Monday. However, the leading cryptocurrency wasn’t the only one to benefit from the positive market sentiment. In fact, the new Solana coin “Peanut the Squirrel” (PNUT) saw a massive 325% overnight surge as Bitcoin soared.
The crypto market is currently enjoying an unprecedented boom following the 2024 US presidential election. With Donald Trump taking his second term, the country is now under the leadership of the first crypto-friendly president. This fact has the market looking forward to reaching new highs in the coming year. This has made many wonder how high PNUT will go in the future.
PNUT surges over 500% in a week as Bitcoin smashes records
2024 is shaping up to be a huge year for the cryptocurrency sector. Despite the opposition, the US Securities and Exchange Commission (SEC) approved two cryptocurrency-based ETFs. Now, the digital asset class is seeing a massive surge in value after Donald Trump became president-elect. With his second term approaching, the industry looks set to make huge leaps in 2025.
This surge has already started to show in some of the biggest cryptocurrencies, but the meme coin market is also seeing impressive gains. In particular, the Peanut the Squirrel (PNUT) coin on the Solana network saw a 300% overnight surge as Bitcoin continues to soar. This meme coin shows huge potential.
Over the past 30 days, the meme coin has surged more than 758%, according to CoinMarketCap. While it may not have the same reach or community as coins like Dogecoin (DOGE) or Shiba Inu (SHIB), it has shown potential to eventually compete with those market leaders.
The coin itself was created in honor of a New York City squirrel that became a social media phenomenon. Although it was a pet, it was seized by the New York State Department of Environmental Conservation (NYSDEC) due to reports of illegal wildlife ownership. After the animal was taken, it was euthanized.
“P’Nut” has become a meme that has spread rapidly in the digital community, and has subsequently been the subject of its own meme coin. Launched on the Solana network, it has already surpassed a market cap of $454 million. The coin, which honors the pet, has developed a strong community, with the price of PNUT already reaching $0.45.