Nov 18, 2024
6thTrade
The Solana-based meme coin, Peanut the Squirrel (PNUT), has skyrocketed in value, gaining 11% in the last 24 hours and achieving an astonishing 1343% increase over the past week. This surge positions PNUT as the fourth-best-performing cryptocurrency in the last 24 hours and the seventh-largest meme coin by market capitalization, reaching $1.72 billion just two weeks after its launch. $PNUT
What Happened?
The latest rally was fueled by UFC legend Jim Miller’s emotional victory speech at Madison Square Garden, where he called for "justice for Peanut," a social media-famous squirrel whose death sparked widespread outrage.
“New York, I got one thing to say: We need justice for P'Nut," Miller declared after defeating Damon Jackson. He expressed hope that the newly formed Department of Government Efficiency (DOGE) could address such issues, stating, “Hopefully that DOGE cleans things up down at the state level.”
The death of Peanut, along with a raccoon named Fred, became a controversial topic after New York officials confiscated and euthanized the animals, citing concerns over potential rabies exposure. The incident drew backlash from social media users and influential figures alike.
Market Impact
PNUT’s trading volume rose 13% to $1.70 billion, surpassing even larger meme coins like Shiba Inu (SHIB) and DogeWifhat (WIF) in trading activity. At the time of writing, PNUT is trading at $1.76, according to CoinMarketCap data.
The coin’s rapid ascent in both price and popularity highlights its growing influence in the meme coin market, with many attributing the surge to the viral attention from Miller's remarks and the broader crypto community’s embrace of its story.
Why It Matters
The PNUT rally underscores the cultural and emotional factors driving the meme coin market. With a narrative tied to social justice and celebrity endorsements, PNUT has leveraged its unique story to captivate the crypto community.
As the coin continues to climb, its trajectory illustrates the power of narrative-driven trading in the evolving cryptocurrency landscape.
