The crypto market has a new star and it is Peanut the Squirrel [PNUT]. The Solana-based memecoin [SOL] surged nearly 200% in a day to hit a new all-time high [ATH] of $2.4 on November 14.
At the time of writing, the price has adjusted to $2.23. According to CoinMarketCap, this represents a 167% increase in price over the past 24 hours, making PNUT the biggest daily gainer.
Source: CoinMarketCap
Furthermore, since its launch, PNUT has skyrocketed over 4,000%, demonstrating a rapid increase in popularity and value.
Peanut the Squirrel Hits $2.2 Billion Crypto Milestone
Notably, the price surge has pushed PNUT’s market capitalization to $2.2 billion. Along with the price increase, trading activity has skyrocketed by 279.62%, bringing the 24-hour trading volume to a staggering $5.75 billion.
This surge has made PNUT one of the fastest growing memecoins.
Interestingly, it has also earned a spot among the top 50 assets by market capitalization. At the time of writing, PNUT is ranked as the 47th largest cryptocurrency.
But what caused this sudden surge? Was it just the sentimental value attached to the token or was it the memecoin craze?
What drives the rapid rise of PNUT?
Yes, while the crypto market in general is experiencing a strong bull run following the Republican victory and the strong rise of Bitcoin [BTC], the story of PNUT still has a lot to tell.
Memecoin took off after SpaceX and Tesla CEO Elon Musk took to X [formerly Twitter] and posted,
“America was saved by a squirrel and a meme coin!”
The message quickly went viral, in line with Musk's pro-memecoin trend, which has previously fueled the meteoric rise of tokens like Dogecoin [DOGE].
Additionally, Musk is no stranger to PNUT. For those who don’t know, the token was created in response to a viral story about a pet squirrel named Peanut.
The New York City Department of Environmental Conservation euthanized the squirrel, sparking widespread outrage on social media.
Prominent figures, including Musk, have spoken out about their frustration with the incident, which has prompted public concern and sympathy, which in turn has boosted the popularity of PNUT.
PNUT Takes Prominent Place in Solana's Memecoin Landscape
Meanwhile, despite being only a few days old, PNUT is already giving other established memecoins a tough competition. The coin has already secured a spot on Binance, a listing that has further fueled investor interest and optimism.
Now, with this new milestone, PNUT has risen to become the third largest memecoin based on Solana, behind only dogwifhat [WIF] and Bonk [BONK].
Additionally, the coin is currently ranked as the 7th largest memecoin across all blockchains, an impressive feat for a newcomer.
Whether PNUT can maintain its momentum remains to be seen, but for now, the coin has established itself as a major contender among memecoins.
Follow me @TinTucBitcoin #tintucbitcoin
