As a seasoned crypto investor who has seen countless bull runs and bear markets, I must admit that the surge of PNUT, the Solana-based meme coin inspired by Peanut the Squirrel, caught my attention. Having entered the crypto world during the early days of Bitcoin and witnessed the meteoric rise of Dogecoin, I’ve learned to keep an open mind towards new projects that capture the public imagination.
TL;DR
- PNUT surged to almost $1.40 before stabilizing at $1.27, driven by Coinbase adding it to its “roadmap” and an overall resurgence in the meme coin sector.
- Inspired by a controversial incident involving a pet squirrel, PNUT gained massive attention after its launch in November, with early investors reaping significant profits during its explosive bull run.
PNUT on the Run Again
Peanut Squirrel (PNUT), a meme coin launched on the Solana platform, has been drawing attention recently due to its significant price surge, especially today (December 12). The coin’s value skyrocketed by approximately 25% within a day, peaking at nearly $1.40. However, in the past few hours, PNUT has cooled off slightly, currently trading at around $1.27 according to CoinGecko’s data.
The surge in the value of the meme coin can be attributed to its inclusion on Coinbase’s future plans, or roadmap. It’s important to note that when a token appears on this list, it remains in an experimental phase and must fulfill specific requirements before being officially recognized.
Several popular cryptocurrency platforms such as Binance, Bybit, Bitget, HTX, Gate.io, and others have adopted the use of PNUT.
A potential reason for the increase in the squirrel-themed asset’s price could be the surge in the meme coin market sector. In the last 24 hours, the total value of this specialized market segment has risen by 8%, approaching a staggering $140 billion.
During the recent timeframe, cryptocurrencies like Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), dogwifhat (WIF), Bonk Inu (BONK), Floki Inu (FLOKI), and many others based on memes have seen substantial price increases. However, Mog Coin (MOG) and Simon’s Cat (CAT) are among the rare exceptions that have experienced minor declines.
PNUT’s Launch and Explosive Rally
Previously stated, the meme coin was launched at the beginning of November. This unique digital currency is modeled after a squirrel named Peanut, who famously bit a Department of Environmental Conservation (DEC) worker during a confiscation operation and ultimately had to be euthanized for rabies testing.
The demise sparked significant debate, as numerous individuals deemed it excessive because the creature had resided indoors for extended periods without displaying any symptoms of illness. Elon Musk was among those voicing dissent, characterizing the action as an “overstep” by the government and making a bold statement that “even Donald Trump could save squirrels.
Strong demand for PNUT, along with other contributing factors, ignited a surge in its price, allowing some astute investors to amass millions by joining the market early and selling at opportune moments. For those intrigued by how one trader transformed a $17 investment into over $3 million with the meme coin, feel free to check out our dedicated video below:
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2024-12-12 14:30