PNUT Coin Soars with Binance Listing, Reaches $1 Level
PNUT Coin, also known as Peanut the Squirrel, has seen a remarkable price increase recently, climbing to $1 as of November 13, 2024. This rapid rise is due to the listing of PNUT on Binance exchange and the viral effect in the crypto community. Initially trading at just $0.03, PNUT has gained 3300% in value in the last few weeks.
PNUT Coin stands out as a memecoin inspired by Peanut, a squirrel that was taken care of by animal lover Mark Longo in the US. Peanut’s seizure and euthanasia by the New York Department of Environmental Protection led to a huge public outcry and the incident received widespread coverage on social media. The posts made by well-known figures such as Elon Musk about this incident increased the popularity of PNUT Coin and attracted more investors.
This rise also occurred in parallel with the rise of other memecoins in the Solana ecosystem. After Binance’s listing, both trading volume and market value increased rapidly. The total market value of PNUT Coin reached $909 million, while its 24-hour trading volume approached $1.8 billion.
While the rapid price increases in memecoins like PNUT Coin have attracted investors, analysts warn about the risk of high volatility in such assets. While sudden price increases and decreases can present significant opportunities for investors, they can also cause volatility that can lead to large losses.