This rapidly rising meme coin to the Solana blockchain, Peanut the Squirrel, as it is popularly known, has fast-tracked a lot of traction in the cryptocurrency world. Having surged almost 200% in a short period of 24 hours, it reached an all-time high price on November 14th at $2.4 and stabilized around $2.23.
This rapid growth has positioned it as the largest daily gainer and pushed its market capitalization to around $1.8 billion, making it sit within the top 50 cryptocurrencies.
The Hype Over The Appreciation: The Elon Musk Influence
America was saved by a squirrel and a meme coin!
— Elon Musk (@elonmusk) November 13, 2024
The price appreciation of PNUT can be largely attributed to a tweet from Elon Musk, in which he commented, “America was saved by a squirrel and a meme coin!”
It quickly became one of the most trending tweets, similar to other endorsements given by Elon Musk that have helped send other meme coins, such as Dogecoin, into the stratosphere.
Secondly, what makes PNUT appealing is that it was founded in response to public outcry over the euthanizing of a pet squirrel by the New York City Department of Environmental Conservation, dubbed Peanut. That act made huge amounts of sympathy, and discussions on social media platforms made the issue a token.
Apart from Elon Musk’s influence, the general upside in the Bitcoin market has helped PNUT, partly by the recent political situations that are triggered by the win of the Republicans in the US elections.
Even though this is a time when market activities and speculation tend to rise, most investors have lately set their eyes on PNUT in hopes of potential future gain in the cryptocurrency markets.
PNUT: Trading Activities And Market Positioning
However, the meme coin’s trading volume increased nearly 280% within the same 24-hour period to about $5.75 billion, thanks to a social media post by Elon Musk. Such a surge in trading activity points out the high level of fervor and expected performance by investors about the token’s future execution.
Since its recent launch on Binance, a lot of responses from crypto enthusiasts have been received as well. Now, it is considered the third largest meme coin on the Solana Blockchain after established names, such as Dogwifhat (WIF) and Bonk (BONK).
Market analysts are positive about PNUT’s future prospects. Technical analysis implies that a bullish trend is ongoing, and value might rise as high as 300% in the coming days. If PNUT can break through the resistance level of $2.3, then this gives plenty of room for even more exalted aspirations.
Roadmap Ahead
Of course, many investors are looking to see if the digital coin can keep its momentum and reach fresh highs. Of course, with all cryptocurrencies, the clear excitement pertaining to this particular meme coin has led some to state that it may easily hit the $6 mark if its upward trends continue
In a similar trajectory to the rollercoaster swings of Bitcoin’s wealth, Peanut the Squirrel’s story is an interesting analogy for both new and old cryptocurrency investors and traders, as such a strong story with sponsorships has caught their attention. As the storyline unfolds further, the capacity of Solana’s PNUT to control the volatile digital asset market will be revealed.
