Peanut the Squirrel has quickly risen in the cryptocurrency space to become the leading meme coin on the Solana blockchain. In 24 hours, PNUT surged nearly 200%, reaching an all-time high of $2.4 on November 14 before stabilizing around $2.23.
This rapid rise made it the top daily gainer and increased its market capitalization to about $1.8 billion, securing its place in the top 50 cryptocurrencies.
Excitement around The Increase: Elon Musk’s influence
The rise in PNUT’s price was mainly attributed to a tweet from Elon Musk, in which he commented: “America was saved by a squirrel and a memecoin!
The tweet quickly went viral and is similar to other endorsements made by Elon Musk that have propelled other memecoins, such as Dogecoin, to new heights.
PNUT’s origins enhance its appeal; it was created in response to public outrage over the euthanasia of a pet squirrel named Peanut by the New York City Department of Environmental Conservation. The event generated widespread sympathy and discussion on social media channels, highlighting the symbol.
In addition to Elon Musk’s influence, PNUT has also profited from the broader growth of the Bitcoin market, partly due to recent political developments following the Republican victory in the US election.
While these factors are associated with periods of increased market activity and speculation, many investors are now turning their attention to PNUT for possible gains.
PNUT: Trading activity and market positioning
However, an escalation in the memecoin’s trading volume following Elon Musk’s social media posts led to a nearly 280% increase in trading volume to approximately $5.75 billion in the same 24-hour period. The surge in trading activity indicates a strong level of investor enthusiasm and expectations for the token’s future performance.
PNUT has attracted attention following its recent debut on Binance and is currently ranked third on Solana, behind established entities such as dogwifhat (WIF) and Bonk (BONK).
Market analysts are optimistic about PNUT’s future prospects. Technical indicators indicate a bullish trend, and forecasts suggest that the value could rise by 300% in the coming days. If PNUT breaks through its existing resistance at $2.3, it could facilitate the achievement of higher ambitions.
The road ahead
Many investors are wondering if PNUT can maintain its momentum and hit new highs. There is clearly excitement around this memecoin; some estimate that if it continues its upward trend, it could hit $6 in no time. However, all cryptocurrencies still naturally have volatility.
Peanut the Squirrel’s rise reflects the rapid fluctuations in Bitcoin’s fortunes. PNUT’s unique story and solid sponsorship have attracted cryptocurrency newbies and veterans alike. As the story progresses, PNUT’s ability to dominate the ever-changing digital asset market will be highlighted.
