Peanut the Squirrel (PNUT) Sees Massive 1505.29% Surge Since November Debut
The Solana-based memecoin Peanut the Squirrel (PNUT) has experienced an explosive rise, surpassing a $900 million market cap. Over the past 24 hours alone, PNUT surged 97.3% to hit a new all-time high (ATH), fueled by a tweet from Elon Musk. Musk’s post on X referenced a “squirrel and meme coin” as saviors of America, igniting a wave of investor interest.
Musk’s influence on the crypto market, particularly memecoins, has been notable. Dogecoin (DOGE) remains the most prominent benefactor of Musk’s endorsements, and PNUT has now joined the ranks of meme coins linked to the Tesla CEO.
The Rise of PNUT
PNUT gained traction in the crypto community during the pre-election season, with Binance recently listing the token alongside an AI-related memecoin, ACT (Act I: The AI Prophecy). This dual listing sparked significant rallies for both tokens, drawing attention across the market.
PNUT originated as a tribute to “Peanut,” a squirrel euthanized by New York’s Department of Environmental Conservation (DEC). Musk’s social media support for justice for Peanut amplified the token’s visibility, contributing to its viral growth. Since its launch in November, PNUT has surged 1627% in value, achieving a market share of $931 million and trading at $0.9337 as of press time.
Price Trend and Market Analysis
The memecoin has jumped 147% in the past 30 hours, climbing from $0.3854 to $0.9890, aligning with the broader crypto bull run. Technical indicators show strong bullish sentiment around PNUT. The On-Balance Volume (OBV) suggests heightened buying pressure, while the Chaikin Money Flow (CMF) indicates a surge in capital inflow to the coin.
According to CoinMarketCap, PNUT’s daily trading volume has increased by 39.5%, reaching $1.78 billion.
Disclaimer: This article reflects the author’s opinion and does not constitute financial advice. Readers are encouraged to conduct their own research before investing.
