The MEME coin PNUT on the Solana chain was launched on Binance on November 11. In just four days, it rose from US$0.1 to US$2.5, a 25-fold increase, and became a huge hit.
The PNUT token was first launched on November 3, and was officially launched on Binance on November 11. This launch speed can be said to be unprecedented.
How did this explosive currency become so popular? Is it still worth buying now?
The birth of PNUT tokens stems from a real event: an internet-famous squirrel named Peanut aroused public anger and attention due to his unfortunate experience. Peanut's popularity on Instagram made it a symbol of animal rights, and PNUT tokens became a tool to protest against improper government handling.
The basic situation of the current token is as follows:
Reasons for popularity: Musk, US election, FOMO
Before the US election, internet celebrity blogger Mark Longo was investigated by the New York Department of Environmental Conservation (DEC) for supporting Trump. The DEC seized and euthanized his internet celebrity squirrel Peanut and raccoon Fred on the grounds of rabies. This made Mark Longo deeply saddened, and he launched a strong opposition to the DEC's decision on social media, which attracted widespread attention. Musk, as Trump's big brother, paid attention to and criticized this incident, and mentioned PNUT, causing the price of PNUT to soar rapidly in a short period of time.
Subsequently, Binance quickly launched PNUT, further igniting market sentiment. Many social media users who paid attention to this incident expressed their support for animal rights and protest against government misconduct by purchasing PNUT tokens. FOMO sentiment once again led to a surge in prices.
Top prediction: the fate of MEME coin
As a MEME currency, the upper limit of PNUT can mainly refer to the past rise trajectory of MEME currency, mainly three references:
1. MEME usually stops at the top 50 in market capitalization;
2. Catch up with PEPE’s market value;
3. Catch up with SHIB’s market value;
At present, PNUT is mainly driven by market sentiment, but the current development may become a symbol of animal rights; therefore, the probability of the three reference factors and the top prediction are as follows:
1. The 50th coin in terms of market value is ATOM, which is USD 1.945 billion, while the current market value of PNUT is USD 1.787 billion. When it reached its highest value of USD 2.5, its market value had already entered the top 50. Therefore, it can be said that the current PNUT may have reached the top, with a probability of 80%.
2. Catching up with PEPE’s market value of $8.359 billion depends mainly on how the subsequent events ferment on social media and whether the community can form a strong centripetal force to make it a real symbol of animal rights. If this possibility comes true, PNUT currently has a 360% increase, and the probability of this possibility is 20%;
3. It is difficult to catch up with SHIB’s market value of 13.9 billion USD in a short period of time, because SHIB is currently fighting with its ecosystem, including not only the DEX ShibaSwap, but also the Shiba Inu game, Shiba Inu Metaverse and the cooperation of a number of enterprises and platforms. However, PNUT is too new at present, mainly relying on event hype, and its ecosystem is almost zero. Therefore, this possibility is also zero at present.
In summary, I think PNUT is not worth buying at the moment, and it can even be said that it is time to take profits. There is no need to pay attention to it for at least 2-3 months.
MEME currency is naturally suitable for Degen users. It is a small amount of money that can bring big returns. Just like buying lottery tickets, you have to bear the result of the lottery funds returning to zero. It is not suitable for investing large funds. 99.9% of MEME coins will return to zero. This is the fate of MEME.
