Peanut the Squirrel has quickly risen to prominence in the cryptocurrency space, establishing itself as the top memecoin on the Solana blockchain. Within 24 hours, PNUT surged nearly 200% to reach an all-time high of $2.40 on November 14, before stabilizing at around $2.23.
This rapid growth made the coin the biggest gainer of the day and raised its market capitalization to around $1.8 billion, securing its place in the top 50 cryptocurrencies.
Excitement Around the Rise: Elon Musk's Influence
The price surge of PNUT was largely due to Elon Musk’s tweet, in which he commented, “America was saved by a squirrel and a meme coin!”
The tweet quickly went viral, similar to other endorsements by Elon Musk that have taken other memecoins, such as Dogecoin, to new heights.
PNUT's origins add to its appeal; it was created in response to public outrage over the New York City Department of Environmental Conservation's euthanasia of a pet squirrel named Peanut. The event sparked widespread sympathy and discussion on social media, highlighting the symbol.
In addition to Elon Musk's influence, PNUT has also benefited from the overall rise of the bitcoin market, partly due to recent political developments following the Republican victory in the US elections.
While these factors are related to a period of increased market activity and speculation, many investors are now turning their attention to PNUT with expectations of price appreciation.
PNUT: Trading and Market Positioning
However, the trading volume of this meme coin skyrocketed due to Elon Musk's social media post, increasing by nearly 280% in the same 24-hour period, reaching around $5.75 billion. This spike in trading activity shows the enthusiasm and strong expectations of investors for the future performance of this token.
After its recent launch on Binance, PNUT has gained traction and is now ranked as the third largest memecoin on Solana, behind established coins like dogwifhat (WIF) and Bonk (BONK).
Market analysts are optimistic about PNUT’s future prospects. Technical indicators show a bullish trend, with forecasts suggesting a 300% increase in value in the coming days. If PNUT breaks through the current resistance level of $2.30, it could set the stage for a further upside.
The Road Ahead
Many investors are keen to see if PNUT can sustain its growth momentum and reach new highs. There is clear excitement around this memecoin; some estimate that it could hit $6 in a matter of seconds if the uptrend continues. However, all cryptocurrencies remain volatile.
The rise of Peanut the Squirrel mirrors the rapid change in bitcoin asset values. PNUT’s unique story and solid backing have attracted newcomers and veterans to the crypto space. As the story unfolds, PNUT’s ability to dominate the ever-changing digital asset market will be highlighted.
