The cryptocurrency market has witnessed the emergence of a standout performer, none other than Peanut the Squirrel [PNUT]. This memecoin, based on the Solana [SOL] network, experienced an impressive surge of close to 200% within a single day, reaching a new record high of $2.4 on the 14th of November.
As of the time of this article, the price has slightly adjusted to $2.23. According to CoinMarketCap, this surge reflects a remarkable 167% increase in value over the past 24 hours, making PNUT one of the most significant gainers during this period.
Moreover, since its inception, PNUT has catapulted by more than 4,000%, underscoring its rapid ascent in both popularity and market value.
Peanut the Squirrel Sets a $2.2 Billion Crypto Milestone
It is worth highlighting that the price surge pushed PNUT’s market capitalization to $2.2 billion. Alongside the price rally, trading activity spiked by 279.62%, resulting in a notable 24-hour trading volume of $5.75 billion.
This surge has elevated PNUT to one of the fastest-growing memecoins in the market.
Notably, PNUT has also broken into the top 50 assets by market capitalization. Currently, PNUT holds the 47th position among all cryptocurrencies.
But what exactly spurred this sudden surge? Is it solely based on sentimental value associated with the token or is there more to the memecoin frenzy?
Factors Behind PNUT’s Remarkable Surge
While the broader cryptocurrency market enjoys a bullish trend following the Republican win and Bitcoin’s meteoric rise, there are distinct factors driving PNUT’s remarkable journey.
The memecoin gained significant traction after Elon Musk, the CEO of SpaceX and Tesla, took to X [formerly Twitter] and shared,
“America’s savior: a squirrel and a meme coin!”
This particular message rapidly went viral, aligning with Musk’s track record of endorsing memecoins that have previously triggered significant rallies in coins like Dogecoin [DOGE].
Furthermore, Musk is familiar with PNUT. For the uninitiated, the token emerged in response to a viral tale centered around a pet squirrel named Peanut.
Following the euthanization of the squirrel by New York City’s Department of Environmental Conservation, widespread outrage erupted on various social media platforms.
Prominent personalities, including Musk, expressed their shock over the incident. This outpouring of public sympathy and interest ultimately propelled PNUT’s popularity.
PNUT Shines Bright in the World of Solana Memecoins
Despite its recent inception, PNUT is already posing stiff competition to well-established memecoins. A recent report by CryptoCrypto highlighted its listing on Binance, a development that further amplified investor interest and optimism.
With this latest milestone, PNUT has now become the third-largest memecoin on the Solana network, trailing only dogwifhat [WIF] and Bonk [BONK].
Furthermore, it currently holds the seventh spot among all memecoins across various blockchains, an impressive achievement for a newcomer.
While the sustainability of PNUT’s momentum remains uncertain, it has undoubtedly cemented its position as a key player in the world of memecoins.