Pnut officially launched on Binance today, skyrocketing from a price of $0.42 to a peak of $0.92 within an hour. The increase reached as high as 110%. Will it follow in the footsteps of ACT and become the next multi-bagger, or is it just a method of capital harvesting? Today, let’s learn more about Pnut.
The birth of PNUT and event marketing: The tragic squirrel ignites the market
Pnut is also a digital currency in the Meme sector, successfully leveraging its rise from a viral squirrel to a Meme coin. The story began with a squirrel named Peanut in the U.S., whose owner frequently shared fun videos of him on social media, amassing a large following. However, amidst a 'illegal breeding' dispute, Peanut was captured by the authorities and euthanized, triggering widespread outrage online. Many netizens expressed sympathy for Peanut's unfortunate fate, including public figures like Musk, who joined in support, even pointing out the government's excessive actions in this incident. This was followed by extensive discussions and emotional fermentation on social platforms, gradually evolving into criticism of governmental agencies and the Democratic Party's policies from American society.
At this moment, the U.S. election is in full swing, and the Peanut incident has transformed into a 'public opinion weapon' for the Democratic government, heavily hyped by various media as a 'symbol of protest.' At this time, the PNUT Meme coin emerged, leveraging public sentiment to quickly gain attention and successfully heat up the public discourse market.
Interestingly, with the announcement of the U.S. election results, Trump was re-elected as president. The PNUT token capitalized on this wave of 'being on the right side' to surge again, with its market cap soaring from $27 million on the eve of the election to $160 million. Once Binance announced its listing, PNUT's market cap even surged to nearly $400 million. This super increase driven by a social hot topic and a political event can be said to have maximized the characteristic of Meme coins 'making quick money from hot topics.'
However, don't be fooled by PNUT's rise due to the squirrel incident; on the surface, it seems like an 'emotional outlet for social events,' but like other Meme coins, it still carries risks. The short-term surge hides significant price volatility, and for novice investors, what they might gain is quick money, while what they might lose could be next month's rent.
On-chain data tracking: The harvesting techniques of whales, the behind-the-scenes winners of Meme coins
The short-term surges of ACT and PNUT appear to be a celebration of social discourse, but behind the scenes, a group of big players is strategically laying out plans, skillfully harvesting 'emotional dividends.'
On-chain data for PNUT also shows significant operations by whales with large positions. After Binance announced the listing of PNUT, the price of PNUT briefly surged by 180%. A mysterious whale spent 15,140.85 SOL to hold large amounts of PNUT, FRED, and OPK tokens, with an overall floating profit of up to $3.97 million, of which the floating profit for the single token PNUT reached $4.06 million, making it one of the top three accounts in terms of PNUT holdings.
The rapid rise of Pnut coin demonstrates the deep integration of cryptocurrency with social issues; it is not only an investment product but also a reflection of social sentiment. Now, with the influence of Musk's tweets, PNUT has once again been pushed to the forefront. What do you think?
