The new memecoin Peanut ($PNUT), which is based on Solana, has a market capitalization of $1 billion in just two weeks after its launch.
The primary reason for this rapid rise is the recent addition of PNUT on the Binance and Bybit platforms which greatly improved its use and attracted a new pool of investors.
At the time of writing, the price of PNUT stands at $1.56 and has posted an increase of 230.4% over the course of just 24 hours.
This coin has also been able to increase the token’s transactions due to the increase in funds. Recently, bitcoin broke the highest of $89,000 which has been able to increase the number of transactions for the tokens due to rising interest.
These supporting factors came because President Donald Trump was re-elected to office. His policies tend to be pro-crypto and this ended up creating a more ‘favorable’ atmosphere for crypto policies.
This created what analysts are referring to as a ‘meme coin supercycle’ in which coins like PNUT get too much attention when investors are looking for new ways to benefit from the market gains.
The Growth of PNUT: Has the $1 Billion Market Cap Already Been Touched?
The rise of PNUT to a billion dollar cap has been complex to fathom considering it only takes place within the context of changes that have occurred in the market recently and its backstory.
A token that debuted on the solana blockchain began to gain traction after it was first listed on binance and bybit, attracting instant appeal.
These hiring and the general increase in the crypto markets have afforded the token quite a number m of liquidity as a result of which PNUT has grown by an increment of 1084.2% within seven days.
Also, the peculiar way in which social media figures such as NK09 through whom the PNUT is advertised has enabled it to relate well with the meme culture that drives a good part of the hype surrounding cryptocurrencies today.
Mark Longo, a digital creator,’s pet Peanut the squirrel was the inspiration behind the token.
Peanut became famous after being seized by new york’s department of environmental conservation which incited unrest across social media and movements with the likes of elon musk joining in the fight.
Musk’s comments regarding the plight of the squirrel increased PNUT’s popularity around that time online communities making it more of a cause than just a story.
Before long, musk endorsed it hence it was fair to say it was marketed before it even launched by the time it did so PNUT was on solana. It made waves with its feature-rich offering and story that attracted the attention of the people.
Considering all the excitement around PNUT, initial volumes increased substantially. Initially, the token was worth 0.45 USD before it started obtaining its current price.
With regard to PNUT, experts suggested that compared to Dogecoin and Shiba Inu, the names built on the marketing, ranks fairly lower, while PNUT committed to a separate notion, its story is intriguing to some investors who regard it as an up-and-coming meme coin.
