As a seasoned crypto investor with a knack for spotting trends and a penchant for meme coins, I find myself both bewildered and intrigued by the sudden surge of PNUT. After weathering several market storms, it’s refreshing to see a coin defy the general pullback and soar to new heights.
TL;DR
- Despite the market-wide pullback, the viral meme coin PNUT surged to a new ATH.
- Its popularity and price increase were likely fueled by one of Musk’s latest interactions on X.
Defying the Market Trend
Over the past few days, cryptocurrency markets have been surging to all-time highs. However, in the last 24 hours, there’s been a pullback. At this moment, Bitcoin (BTC), which had reached an all-time high of over $90,000, has retreated to around $87,000. This correction has also impacted several altcoins, causing a drop of more than 10% for Cardano (ADA), Avalanche (AVAX), and many others.
Despite the broader downward trend in meme coins, Peanut the Squirrel (PNUT) has bucked the negative momentum by recording substantial growth. In just one day, its price soared by nearly 200%, peaking at approximately $1.30. This surge has propelled its market capitalization beyond $1.3 billion, positioning PNUT as the 78th largest cryptocurrency in terms of market value.
This newly minted meme coin currently boasts a market cap that surpasses established players like Mantra, Algorand, Helium, Gala, and more.
The dramatic increase in PNUT’s price might be due to one of Elon Musk’s latest actions on platform X. The billionaire responded to a post about the forthcoming Department of Government Efficiency (which he is set to lead), with a simple comment.
“America was saved by a squirrel and a meme coin!”
The cryptocurrency called PNUT was introduced on the Solana blockchain and is based on a popular squirrel named Peanut. This small animal became quite famous at the beginning of the month following an incident where New York state officials had to put it down for rabies tests after allegedly biting a DEC employee during a confiscation operation.
As a crypto investor, I found myself questioning the decision that led to widespread criticism. Many were puzzled as to why such measures were necessary since the pet had lived indoors for seven years without any signs of the disease. Just like others, I was perplexed when Elon Musk, mysteriously, posted on Twitter shortly after the euthanization.
If you attempt to defeat me, I’ll grow stronger than your imagination could ever conceive, Obi-Wan Kenobi.
Other Memes are Bleeding
Among the rare meme coins, PNUT is experiencing growth over the past 24 hours. In contrast, the sector’s frontrunner, Dogecoin (DOGE), is seeing a 6% decrease, while its primary competitor, Shiba Inu (SHIB), is falling by 11%.
Other popular meme stocks, such as POPCAT (-9%), BRETT (-11%), NEIRO (-12%), MEW (-12%), and many others, have been affected negatively by the current market adjustment.
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2024-11-13 13:46